Strength Seen in OptimizeRx Corp. (OPRX): Can Its 10.1% Jump Turn into More Strength?

OptimizeRx Corp. OPRX shares rallied 10.1% in the last trading session to close at $18.84. 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 10.3% loss over the past four weeks.

The increase in share price can be attributed to the company’s optimistic business update ahead of the upcoming J.P. Morgan Healthcare Conference. The company expects to gain from increasing demand as customers opt for smarter solutions amid shift to digital engagement. The company won six deals that leveraged its AI powered Real World Evidence (“RWE”) functionalities in 2022. The company expects to clinch one more such deal in the first half of 2023. Overall, the company expects RWE-related sales to increase at least 100% year over year in 2023.

Moreover, OptimizeRx expects its network reach of more than 60% of active prescribers to boost its growth trajectory in 2023 along with sustained expansion of omnichannel communication capabilities.

This company is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +9.1%. Revenues are expected to be $22.16 million, up 9.2% 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 OptimizeRx Corp., 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 OPRX 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 >>>>

OptimizeRx Corp. is a member of the Zacks Computer - Software industry. One other stock in the same industry, Synopsys SNPS, finished the last trading session 0.4% higher at $320.93. SNPS has returned -2.5% over the past month.

Synopsys' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.51. Compared to the company's year-ago EPS, this represents a change of +4.6%. Synopsys currently boasts a Zacks Rank of #2 (Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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