Sarepta Therapeutics (SRPT) Surges 16.7%: Is This an Indication of Further Gains?
Sarepta Therapeutics SRPT shares ended the last trading session 16.7% higher at $119.77. 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 17% gain over the past four weeks.
This surge came after Sarepta CEO Douglas Ingram made positive comments on the label expansion filing for its Duchenne muscular dystrophy (DMD) gene therapy Elevidys, during a discussion at the J.P. Morgan Healthcare Conference. Assuming a priority review on this filing, Ingram expects a potential approval in August.
This biopharmaceutical company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of +73.4%. Revenues are expected to be $372.31 million, up 44.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Sarepta Therapeutics, the consensus EPS estimate for the quarter has been revised 84.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SRPT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Sarepta Therapeutics is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Qiagen QGEN, finished the last trading session 0.8% lower at $44.93. QGEN has returned 7.6% over the past month.
Qiagen's consensus EPS estimate for the upcoming report has changed -0.4% over the past month to $0.54. Compared to the company's year-ago EPS, this represents a change of +1.9%. Qiagen currently boasts a Zacks Rank of #3 (Hold).
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