Inogen (INGN) shares ended the last trading session 6.9% higher at $6.8. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 'no gain, no loss' position over the past four weeks.
The sharp rise in INGN shares can be attributed to a bullish initiation by Freedom Broker, which assigned a “Buy” rating and a price target implying significant upside, drawing fresh investor attention to the underfollowed stock. Sentiment was further supported by governance improvements, including the appointment of industry veteran Vafa Jamali to the board and a cooperation agreement with activist shareholder Kent Lake, signaling greater strategic alignment and execution oversight.
This produces oxygen concentrators for patients suffering from chronic respiratory conditions is expected to post quarterly loss of $0.24 per share in its upcoming report, which represents a year-over-year change of +4%. Revenues are expected to be $82.4 million, up 0.2% 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 Inogen, 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 INGN 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 >>>>
Inogen is a member of the Zacks Medical - Instruments industry. One other stock in the same industry, PROCEPT BioRobotics Corporation (PRCT), finished the last trading session 2.5% lower at $23.19. PRCT has returned -5.9% over the past month.
For PROCEPT BIOROBO, the consensus EPS estimate for the upcoming report has changed -16.7% over the past month to -$0.55. This represents a change of -22.2% from what the company reported a year ago. PROCEPT BIOROBO currently has a Zacks Rank of #4 (Sell).
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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.
