Strength Seen in Olink Holding AB (publ) Sponsored ADR (OLK): Can Its 66.0% Jump Turn into More Strength?
Olink Holding AB (publ) Sponsored ADR OLK shares rallied 66% in the last trading session to close at $24.87. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.5% gain over the past four weeks.
Olink Holding AB scored a strong price increase, driven by the investor’s optimism surrounding the news that the company is going to be acquired by Thermo Fisher Scientific, in an approximately $3.1 billion deal. Olink’s proven and transformative innovation is set to be highly complementary to Thermo Fisher’s leading mass spectrometry and life sciences platforms. The transaction is expected to close by mid-2024, subject to customary closing conditions and completion of the tender offer.
This company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of -500%. Revenues are expected to be $43.83 million, up 37.9% 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 Olink Holding AB (publ) Sponsored ADR, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on OLK 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 >>>>
Olink Holding AB (publ) Sponsored ADR is a member of the Zacks Medical Info Systems industry. One other stock in the same industry, Fulgent Genetics, Inc. FLGT, finished the last trading session 0.3% lower at $25.06. FLGT has returned -13.6% over the past month.
For Fulgent Genetics, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.32. This represents a change of -200% from what the company reported a year ago. Fulgent Genetics, Inc. currently has a Zacks Rank of #3 (Hold).
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