Alpha Teknova (TKNO) Moves 7.1% Higher: Will This Strength Last?
Alpha Teknova (TKNO) shares rallied 7.1% in the last trading session to close at $8.34. 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 5.8% gain over the past four weeks.
Alpha Teknova’s share price gain can likely be attributed to continued investor interest following the company’s recent business updates, including its expansion of custom manufacturing capabilities and strong second-quarter results. The company introduced the Fill-Tek Dispensing System, a proprietary single-use bag technology that can fill custom reagent orders across multiple bag sizes and quantities as one lot. The system eliminates per-bag-size minimums, allowing manufacturers to order the bag formats and quantities that best fit their processes.
This maker of reagents used by the biopharmaceutical industry is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of +25%. Revenues are expected to be $11.8 million, up 12.9% 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 Alpha Teknova, 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 TKNO 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 >>>>
Alpha Teknova is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Exelixis (EXEL), finished the last trading session 2% lower at $57.22. EXEL has returned 7.9% over the past month.
For Exelixis, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.89. This represents a change of +14.1% from what the company reported a year ago. Exelixis currently has a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
