Omeros (OMER Quick QuoteOMER - Free Report) shares soared 9.7% in the last trading session to close at $6.22. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 63.7% loss over the past four weeks.

Shares of the company are recovering after they declined in the past couple of days after the FDA issued a complete response letter to Omeros’ biologics license application for lead pipeline candidate, narsoplimab in the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy.

This drug developer is expected to post quarterly loss of $0.47 per share in its upcoming report, which represents a year-over-year change of -38.2%. Revenues are expected to be $29.31 million, up 12.2% 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 Omeros, the consensus EPS estimate for the quarter has been revised 18% 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 OMER 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 >>>>