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Ultragenyx (RARE) Moves 7.8% Higher: Will This Strength Last?
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Ultragenyx (RARE - Free Report) shares soared 7.8% in the last trading session to close at $44.64. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.1% gain over the past four weeks.
The stock rallied after the company, along with its partner Mereo BioPharma, announced new positive 14-month data from the phase II portion of the phase II/III Orbit study evaluating setrusumab (UX143) in patients with osteogenesis imperfecta (OI). The data showed that the large reduction in fracture rates previously reported in patients treated for a minimum of six months was sustained in patients treated for at least 14 months.
This biotechnology company is expected to post quarterly loss of $1.63 per share in its upcoming report, which represents a year-over-year change of +27.6%. Revenues are expected to be $124.24 million, up 14.7% 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 Ultragenyx, 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 RARE going forward to see if this recent jump can turn into more strength down the road.
Ultragenyx belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Arbutus Biopharma (ABUS - Free Report) , closed the last trading session 2.2% higher at $3.25. Over the past month, ABUS has returned 11.2%.
For Arbutus, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents no change from what the company reported a year ago. Arbutus currently has a Zacks Rank of #3 (Hold).
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Ultragenyx (RARE) Moves 7.8% Higher: Will This Strength Last?
Ultragenyx (RARE - Free Report) shares soared 7.8% in the last trading session to close at $44.64. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.1% gain over the past four weeks.
The stock rallied after the company, along with its partner Mereo BioPharma, announced new positive 14-month data from the phase II portion of the phase II/III Orbit study evaluating setrusumab (UX143) in patients with osteogenesis imperfecta (OI). The data showed that the large reduction in fracture rates previously reported in patients treated for a minimum of six months was sustained in patients treated for at least 14 months.
This biotechnology company is expected to post quarterly loss of $1.63 per share in its upcoming report, which represents a year-over-year change of +27.6%. Revenues are expected to be $124.24 million, up 14.7% 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 Ultragenyx, 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 RARE 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 >>>>
Ultragenyx belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Arbutus Biopharma (ABUS - Free Report) , closed the last trading session 2.2% higher at $3.25. Over the past month, ABUS has returned 11.2%.
For Arbutus, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents no change from what the company reported a year ago. Arbutus currently has a Zacks Rank of #3 (Hold).