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Inovio (INO) Soars 19.0%: Is Further Upside Left in the Stock?
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Inovio Pharmaceuticals (INO - Free Report) shares rallied 19% in the last trading session to close at $11.04. 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 2.1% loss over the past four weeks.
The sudden soaring of the stock price was observed after Inovio announced that its lead DNA medicine candidate, INO-3107, has received the Innovation Passport designation under the United Kingdom's Innovative Licensing and Access Pathway (ILAP). This designation was granted by the ILAP Steering Group for the treatment of recurrent respiratory papillomatosis (RRP). The Innovation Passport aims to speed up market entry and improve patient access to medicines in the United Kingdom. The company believes that the Innovation Passport designation grant further bolsters the potential of INO-3107 to “transform” the treatment paradigm for RRP patients.
This drugmaker is expected to post quarterly loss of $1.15 per share in its upcoming report, which represents a year-over-year change of +26.3%. Revenues are expected to be $0.1 million, down 56.5% 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 Inovio, 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 INO going forward to see if this recent jump can turn into more strength down the road.
Inovio belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , closed the last trading session 0.6% lower at $33.32. Over the past month, HRMY has returned 13.8%.
Harmony Biosciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.04. Compared to the company's year-ago EPS, this represents a change of -107.1%. Harmony Biosciences currently boasts a Zacks Rank of #1 (Strong Buy).
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Inovio (INO) Soars 19.0%: Is Further Upside Left in the Stock?
Inovio Pharmaceuticals (INO - Free Report) shares rallied 19% in the last trading session to close at $11.04. 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 2.1% loss over the past four weeks.
The sudden soaring of the stock price was observed after Inovio announced that its lead DNA medicine candidate, INO-3107, has received the Innovation Passport designation under the United Kingdom's Innovative Licensing and Access Pathway (ILAP). This designation was granted by the ILAP Steering Group for the treatment of recurrent respiratory papillomatosis (RRP). The Innovation Passport aims to speed up market entry and improve patient access to medicines in the United Kingdom. The company believes that the Innovation Passport designation grant further bolsters the potential of INO-3107 to “transform” the treatment paradigm for RRP patients.
This drugmaker is expected to post quarterly loss of $1.15 per share in its upcoming report, which represents a year-over-year change of +26.3%. Revenues are expected to be $0.1 million, down 56.5% 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 Inovio, 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 INO 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 >>>>
Inovio belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , closed the last trading session 0.6% lower at $33.32. Over the past month, HRMY has returned 13.8%.
Harmony Biosciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.04. Compared to the company's year-ago EPS, this represents a change of -107.1%. Harmony Biosciences currently boasts a Zacks Rank of #1 (Strong Buy).