Tandem Diabetes Care, Inc. (TNDM) Soars 6.0%: Is Further Upside Left in the Stock?
Tandem Diabetes Care, Inc. TNDM shares rallied 6% in the last trading session to close at $17.54. 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 27.3% loss over the past four weeks.
Tandem Diabetes scored a strong price increase, driven by investor’s optimism surrounding the company’s impending third quarter 2023 financial results, which is slated to release on Nov 1 post the closing bell. In the last reported second quarter, the company posted a narrower loss than the Zacks Consensus Estimate. Tandem Diabetes also made remarkable progress in terms of new product innovations and most recently, received FDA clearance for the Tandem Mobi insulin pump.
This company is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -29.6%. Revenues are expected to be $192.12 million, down 6.1% 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 Tandem Diabetes Care, Inc., 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 TNDM 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 >>>>
Tandem Diabetes Care, Inc. is a member of the Zacks Medical - Instruments industry. One other stock in the same industry, PROCEPT BioRobotics Corporation PRCT, finished the last trading session 4.5% lower at $26.94. PRCT has returned -15% over the past month.
PROCEPT BioRobotics Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.53. Compared to the company's year-ago EPS, this represents a change of -3.9%. PROCEPT BioRobotics Corporation currently boasts a Zacks Rank of #2 (Buy).
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Tandem Diabetes Care, Inc. (TNDM) : Free Stock Analysis Report
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