Protagonist Therapeutics (PTGX) Stock Jumps 9.3%: Will It Continue to Soar?
Protagonist Therapeutics (PTGX) shares ended the last trading session 9.3% higher at $41.71. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 20.8% gain over the past four weeks.
Earlier this month, the company announced updated data from the phase II study evaluating its investigational injectable hepcidin mimetic, rusfertide for the treatment of polycythemia vera. Data from the same, showed that treatment with rusfertide led to sustained hematocrit control, reversal of iron deficiency and a reduction in phlebotomies, for up to 18 months, in both high risk and low risk patients. This might have been driving the rally.
This biopharmaceutical company is expected to post quarterly loss of $0.40 per share in its upcoming report, which represents a year-over-year change of +32.2%. Revenues are expected to be $19.05 million, up 206.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Protagonist Therapeutics, the consensus EPS estimate for the quarter has been revised 9.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PTGX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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