Clovis Oncology shares soared 47.7% in the last trading session to close at $7.86. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 20.2% loss over the past four weeks.

Shares of Clovis Oncology skyrocketed based on positive data from a phase III study (ARIEL4) on its ovarian cancer drug, Rubraca.

Price and Consensus

This biopharmaceutical company is expected to post quarterly loss of $0.68 per share in its upcoming report, which represents a year-over-year change of +46.9%. Revenues are expected to be $44.27 million, up 4% 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 Clovis, the consensus EPS estimate for the quarter has been revised 7.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CLVS 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 >>>>