Immunome, Inc. (IMNM) shares soared 6.1% in the last trading session to close at $11.2. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.9% gain over the past four weeks.
The sudden price rise can be attributed to growing investor optimism regarding the company’s efforts to develop its lead pipeline candidate, varegacestat, which is currently being evaluated in a late-stage study for the treatment of desmoid tumors. Immunome is also developing other targeted therapies in early-stage studies for the treatment of various cancer indications.
This company is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +26.9%. Revenues are expected to be $2.93 million, up 0.7% 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 Immunome, 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 IMNM 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 >>>>
Immunome belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Precision BioSciences (DTIL), closed the last trading session 5.1% higher at $5.13. Over the past month, DTIL has returned -3.2%.
Precision BioSciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.31. Compared to the company's year-ago EPS, this represents a change of +89.1%. Precision BioSciences currently boasts a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
