argenex SE (ARGX) shares rallied 4.4% in the last trading session to close at $606.39. 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 4% loss over the past four weeks.
The stock rallied as optimism grew over the company’s marketed product, Vyvgart Hytrulo (efgartigimod), which is approved for treating adult patients with generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP). The FDA has also recently approved a new option for patients to self-inject the drug with a prefilled syringe for these indications. The company is also evaluating efgartigimod in multiple serious autoimmune diseases.
This company is expected to post quarterly earnings of $2.20 per share in its upcoming report, which represents a year-over-year change of +311.5%. Revenues are expected to be $790.36 million, up 91.6% 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 Argenx, the consensus EPS estimate for the quarter has been revised 1.6% 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 ARGX 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 >>>>
Argenx is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Viridian Therapeutics, Inc. (VRDN), finished the last trading session 10.7% higher at $13.30. VRDN has returned -24.5% over the past month.
For Viridian Therapeutics
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argenex SE (ARGX): Free Stock Analysis Report Viridian Therapeutics, Inc. (VRDN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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