Exelixis (EXEL) shares soared 7.4% in the last trading session to close at $43.37. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.8% loss over the past four weeks.
Shares rallied following the company's announcement that the late-stage STELLAR-303 study met one of its two dual primary endpoints, demonstrating a statistically significant improvement in overall survival (OS) for the intent-to-treat (ITT) population when treated with zanzalintinib in combination with Tecentriq compared to the current standard-of-care drug, regorafenib.
The positive data from this study increases the likelihood of a potential approval of zanzalintinib.
This drug developer is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of -25%. Revenues are expected to be $571.08 million, down 10.4% 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 Exelixis, the consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on EXEL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Exelixis is part of the Zacks Medical - Biomedical and Genetics industry. Cartesian Therapeutics, Inc. (RNAC), another stock in the same industry, closed the last trading session 0.7% higher at $9.83. RNAC has returned 6.6% in the past month.
Cartesian Therapeutics, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.77. Compared to the company's year-ago EPS, this represents a change of -242.6%. Cartesian Therapeutics, Inc. currently boasts a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
