Personalis PSNL shares ended the last trading session 20.5% higher at $10.28. 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 48.9% gain over the past four weeks.
The surge in share price follows Personalis' announcement of new data from AstraZeneca’s late-stage lung cancer study (LAURA), which utilized its highly sensitive molecular residual disease (MRD) test, NeXT Personal. The analysis showed that the company’s test detected MRD progression with a median lead time of five months ahead of disease progression as assessed by a panel of independent experts.
This provider of contract research and genomic information is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of +56.3%. Revenues are expected to be $13.7 million, down 46.7% 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 Personalis, 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 PSNL 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 >>>>
Personalis is part of the Zacks Medical - Generic Drugs industry. Taysha Gene Therapies, Inc. TSHA, another stock in the same industry, closed the last trading session 4.9% lower at $5.08. TSHA has returned 84.1% in the past month.
For Taysha Gene Therapies, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.09. This represents no change from what the company reported a year ago. Taysha Gene Therapies currently has a Zacks Rank of #3 (Hold).
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Personalis, Inc. (PSNL): Free Stock Analysis Report Taysha Gene Therapies, Inc. (TSHA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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