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Profound Medical (PROF) Surges 6.0%: Is This an Indication of Further Gains?
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Profound Medical (PROF - Free Report) shares soared 6% in the last trading session to close at $9.70. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.1% gain over the past four weeks.
Earlier this month, the company announced that the United States Centers for Medicare and Medicaid Services issued its proposed rules establishing, for the first time, a Category 1 CPT code for its lead-marketed product Tulsa-Pro system, approved for the ablation of prostate tissue effective Jan 1, 2025. This might have driven the share price rally.
This company is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of +20%. Revenues are expected to be $2.53 million, up 58.3% 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 Profound Medical, 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 PROF going forward to see if this recent jump can turn into more strength down the road.
Profound Medical is a member of the Zacks Medical - Drugs industry. One other stock in the same industry, OptiNose (OPTN - Free Report) , finished the last trading session 9.5% lower at $1.15. OPTN has returned 6.7% over the past month.
OptiNose's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.08. Compared to the company's year-ago EPS, this represents a change of -500%. OptiNose currently boasts a Zacks Rank of #3 (Hold).
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Profound Medical (PROF) Surges 6.0%: Is This an Indication of Further Gains?
Profound Medical (PROF - Free Report) shares soared 6% in the last trading session to close at $9.70. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.1% gain over the past four weeks.
Earlier this month, the company announced that the United States Centers for Medicare and Medicaid Services issued its proposed rules establishing, for the first time, a Category 1 CPT code for its lead-marketed product Tulsa-Pro system, approved for the ablation of prostate tissue effective Jan 1, 2025. This might have driven the share price rally.
This company is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of +20%. Revenues are expected to be $2.53 million, up 58.3% 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 Profound Medical, 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 PROF 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 >>>>
Profound Medical is a member of the Zacks Medical - Drugs industry. One other stock in the same industry, OptiNose (OPTN - Free Report) , finished the last trading session 9.5% lower at $1.15. OPTN has returned 6.7% over the past month.
OptiNose's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.08. Compared to the company's year-ago EPS, this represents a change of -500%. OptiNose currently boasts a Zacks Rank of #3 (Hold).