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Mirati (MRTX) Soars 12.3%: Is Further Upside Left in the Stock?
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Mirati shares rallied 12.3% in the last trading session to close at $36.50. 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 13.5% loss over the past four weeks.
The rise in share price is attributable to positive investor mindset around Krazati, Mirati’s sole marketed drug, which is also being evaluated in several label expansion studies. Last month, the company presented encouraging data from clinical studies which showed that treatment with a combination of Krazati and Keytruda achieved an ORR of 63% in patients with KRAS G12C-mutated first-line non-small cell lung cancer. Based on this data, management plans to start a pivotal late-stage study before 2023-end.
This biopharmaceutical company is expected to post quarterly loss of $2.89 per share in its upcoming report, which represents a year-over-year change of +6.5%. Revenues are expected to be $20.09 million, up 270.1% 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 Mirati, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MRTX going forward to see if this recent jump can turn into more strength down the road.
Mirati is part of the Zacks Medical - Biomedical and Genetics industry. ANI Pharmaceuticals (ANIP - Free Report) , another stock in the same industry, closed the last trading session 2% lower at $59.33. ANIP has returned -5.1% in the past month.
For ANI, the consensus EPS estimate for the upcoming report has changed +0.9% over the past month to $0.74. This represents a change of +15.6% from what the company reported a year ago. ANI currently has a Zacks Rank of #3 (Hold).
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Mirati (MRTX) Soars 12.3%: Is Further Upside Left in the Stock?
Mirati shares rallied 12.3% in the last trading session to close at $36.50. 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 13.5% loss over the past four weeks.
The rise in share price is attributable to positive investor mindset around Krazati, Mirati’s sole marketed drug, which is also being evaluated in several label expansion studies. Last month, the company presented encouraging data from clinical studies which showed that treatment with a combination of Krazati and Keytruda achieved an ORR of 63% in patients with KRAS G12C-mutated first-line non-small cell lung cancer. Based on this data, management plans to start a pivotal late-stage study before 2023-end.
This biopharmaceutical company is expected to post quarterly loss of $2.89 per share in its upcoming report, which represents a year-over-year change of +6.5%. Revenues are expected to be $20.09 million, up 270.1% 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 Mirati, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MRTX 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 >>>>
Mirati is part of the Zacks Medical - Biomedical and Genetics industry. ANI Pharmaceuticals (ANIP - Free Report) , another stock in the same industry, closed the last trading session 2% lower at $59.33. ANIP has returned -5.1% in the past month.
For ANI, the consensus EPS estimate for the upcoming report has changed +0.9% over the past month to $0.74. This represents a change of +15.6% from what the company reported a year ago. ANI currently has a Zacks Rank of #3 (Hold).