AngioDynamics (ANGO) shares ended the last trading session 23.3% higher at $8.63. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.8% loss over the past four weeks.
The sharp upsurge in AngioDynamics' shares can be attributed to the company's announcement that it has received the FDA 510(K) clearance for its NanoKnife System for prostate tissue ablation. The Company received clearance for the NanoKnife System for prostate tissue ablation following the completion of the pivotal PRESERVE clinical study and submission of results to the FDA in September. The study evaluated the safety and effectiveness of the system for ablating prostate tissue in patients with intermediate-risk prostate cancer.
This medical device maker is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of -120%. Revenues are expected to be $71.17 million, down 10% 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 AngioDynamics, 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 ANGO 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 >>>>
AngioDynamics is part of the Zacks Medical - Instruments industry. Thermo Fisher Scientific (TMO), another stock in the same industry, closed the last trading session 1.5% higher at $537.23. TMO has returned -4.1% in the past month.
For Thermo Fisher
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