Agios Pharmaceuticals (AGIO) shares soared 17.7% in the last trading session to close at $44.01. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 36.3% gain over the past four weeks.
The stock rallied after the FDA accepted and granted priority review to the company’s supplemental new drug application (sNDA) seeking approval for its lead product, mitapivat, an oral pyruvate kinase (PK) activator, for the treatment of sickle cell disease (SCD). A decision from the regulatory body is due on Nov 1, 2026.
This biopharmaceutical company is expected to post quarterly loss of $1.84 per share in its upcoming report, which represents a year-over-year change of +4.7%. Revenues are expected to be $22.68 million, up 82.2% 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 Agios Pharmaceuticals, the consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on AGIO 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 >>>>
Agios Pharmaceuticals is part of the Zacks Medical - Biomedical and Genetics industry. Protagonist Therapeutics (PTGX), another stock in the same industry, closed the last trading session 7.1% higher at $140.85. PTGX has returned 34.1% in the past month.
Protagonist Therapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.11. Compared to the company's year-ago EPS, this represents a change of +483.6%. Protagonist Therapeutics currently boasts a Zacks Rank of #2 (Buy).
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This article originally published on Zacks Investment Research (zacks.com).