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Guardant Health (GH) Moves 6.9% Higher: Will This Strength Last?
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Guardant Health (GH - Free Report) shares soared 6.9% in the last trading session to close at $35.28. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.3% gain over the past four weeks.
The stock price surged following Guardant Health's announcement that its blood test, Shield, received FDA approval for colorectal cancer (CRC) screening in adults aged 45 and older who are at average risk for the disease. According to Guardant Health, Shield is the first FDA-approved blood test that serves as a primary screening option for CRC and meets the performance criteria for insurance coverage. The company’s management believes that Shield provides an easy, convenient and pleasant screening option for patients, which could potentially improve CRC screening rates.
This provider of oncology testing services is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +14.9%. Revenues are expected to be $161.93 million, up 18.1% 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 Guardant Health, 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 GH going forward to see if this recent jump can turn into more strength down the road.
Guardant Health is part of the Zacks Medical - Biomedical and Genetics industry. Arcutis Biotherapeutics, Inc. (ARQT - Free Report) , another stock in the same industry, closed the last trading session 5% lower at $9.57. ARQT has returned 8.3% in the past month.
Arcutis Biotherapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.46. Compared to the company's year-ago EPS, this represents a change of +60.3%. Arcutis Biotherapeutics currently boasts a Zacks Rank of #3 (Hold).
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Guardant Health (GH) Moves 6.9% Higher: Will This Strength Last?
Guardant Health (GH - Free Report) shares soared 6.9% in the last trading session to close at $35.28. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.3% gain over the past four weeks.
The stock price surged following Guardant Health's announcement that its blood test, Shield, received FDA approval for colorectal cancer (CRC) screening in adults aged 45 and older who are at average risk for the disease. According to Guardant Health, Shield is the first FDA-approved blood test that serves as a primary screening option for CRC and meets the performance criteria for insurance coverage. The company’s management believes that Shield provides an easy, convenient and pleasant screening option for patients, which could potentially improve CRC screening rates.
This provider of oncology testing services is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +14.9%. Revenues are expected to be $161.93 million, up 18.1% 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 Guardant Health, 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 GH 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 >>>>
Guardant Health is part of the Zacks Medical - Biomedical and Genetics industry. Arcutis Biotherapeutics, Inc. (ARQT - Free Report) , another stock in the same industry, closed the last trading session 5% lower at $9.57. ARQT has returned 8.3% in the past month.
Arcutis Biotherapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.46. Compared to the company's year-ago EPS, this represents a change of +60.3%. Arcutis Biotherapeutics currently boasts a Zacks Rank of #3 (Hold).