Myriad Genetics MYGN shares rallied 8.3% in the last trading session to close at $5.88. 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 28.7% gain over the past four weeks.
Myriad scored a strong price increase on investors’ optimism surrounding the expanded availability of Precise MRD, broadening availability to patients undergoing treatment and surveillance for breast, colorectal and renal cancers. Precise MRD is a next-generation, ultrasensitive, whole-genome sequencing-based assay that generates a personalized panel for each patient by tracking up to 1,000 variants.
This molecular diagnostic company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of -160%. Revenues are expected to be $205.32 million, down 3.7% 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 Myriad, 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 MYGN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Myriad is part of the Zacks Medical - Biomedical and Genetics industry. Geron GERN, another stock in the same industry, closed the last trading session 3.7% lower at $1.32. GERN has returned 9.6% in the past month.
For Geron, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. This represents a change of +50% from what the company reported a year ago. Geron currently has a Zacks Rank of #2 (Buy).
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Myriad Genetics, Inc. (MYGN): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).