BeiGene, Ltd. (ONC) shares rallied 8.9% in the last trading session to close at $200.99. 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 4.7% gain over the past four weeks.
The stock rallied as optimism grew over the company’s internally discovered oncology products, including Brukinsa (zanubrutinib) and Tevimbra (tislelizumab) and other pipeline candidates that are being developed for treating various cancer indications.
This company is expected to post quarterly loss of $0.71 per share in its upcoming report, which represents a year-over-year change of +79.9%. Revenues are expected to be $1.09 billion, up 72.2% 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 BeiGene, 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 ONC 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 >>>>
BeiGene is part of the Zacks Medical - Biomedical and Genetics industry. Qiagen (QGEN), another stock in the same industry, closed the last trading session 0.9% lower at $45.57. QGEN has returned 1.4% in the past month.
Qiagen's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.60. Compared to the company's year-ago EPS, this represents a change of +9.1%. Qiagen currently boasts a Zacks Rank of #3 (Hold).
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