Ultragenyx (RARE) Surges 10.3%: Is This an Indication of Further Gains?
Ultragenyx (RARE) shares rallied 10.3% in the last trading session to close at $37.02. 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 10.9% loss over the past four weeks.
The stock rallied on the company’s recent pipeline updates. Its pipeline includes setrusumab (UX143) for osteogenesis imperfecta (OI), GTX-102 for Angelman syndrome (AS), UX701 for Wilson disease and its gene therapy portfolio.
This biotechnology company is expected to post quarterly loss of $2.02 per share in its upcoming report, which represents a year-over-year change of +16.9%. Revenues are expected to be $112.87 million, up 24.4% 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 Ultragenyx, the consensus EPS estimate for the quarter has been revised marginally 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 RARE 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 >>>>
Ultragenyx is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Zai Lab Limited Unsponsored ADR (ZLAB), finished the last trading session 0.8% lower at $25.03. ZLAB has returned -2.1% over the past month.
For Zai Lab Limited Unsponsored ADR , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.84. This represents a change of +50% from what the company reported a year ago. Zai Lab Limited Unsponsored ADR currently has a Zacks Rank of #4 (Sell).
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Ultragenyx Pharmaceutical Inc. (RARE) : Free Stock Analysis Report
Zai Lab Limited Unsponsored ADR (ZLAB) : Free Stock Analysis Report
