Vir Biotechnology, Inc. (VIR) shares soared 6.9% in the last trading session to close at $6.05. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8% gain over the past four weeks.
The sudden rise in the stock price can be attributed to a positive investor mindset regarding the potential of the company’s pipeline candidate, tobevibart, which is in late-stage development for the treatment of patients with chronic hepatitis delta.
This company is expected to post quarterly loss of $0.70 per share in its upcoming report, which represents a year-over-year change of +55.1%. Revenues are expected to be $7.04 million, up 195.6% 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 Vir Biotechnology, 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 VIR 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 >>>>
Vir Biotechnology belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Tarsus Pharmaceuticals, Inc. (TARS), closed the last trading session 1.9% higher at $69.75. Over the past month, TARS has returned 21.1%.
For Tarsus Pharmaceuticals, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.38. This represents a change of +37.7% from what the company reported a year ago. Tarsus Pharmaceuticals 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.
