Viridian Therapeutics, Inc. (VRDN) shares rallied 5.6% in the last trading session to close at $19.56. 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 38.7% loss over the past four weeks.
Earlier this week, the company announced positive top-line data from the phase III REVEAL-1 study, evaluating elegrobart in patients with active thyroid eye disease (TED). The study evaluated two dosing regimens, every four weeks (Q4W) and every eight weeks (Q8W) of subcutaneous elegrobart versus placebo. The study met the primary endpoint of Q4W proptosis responder rate (PRR) with a highly statistically significant treatment effect. Elegrobart Q4W and Q8W achieved clinically meaningful 54% and 63% PRR, respectively, versus placebo 18% at week 24. This might have driven the recent share price rally.
This company is expected to post quarterly loss of $1.04 per share in its upcoming report, which represents a year-over-year change of -19.5%. Revenues are expected to be $0.1 million, up 42.9% 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 Viridian Therapeutics, 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 VRDN 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 >>>>
Viridian Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Myriad Genetics (MYGN), closed the last trading session 3.2% higher at $4.5. Over the past month, MYGN has returned -13%.
For Myriad, the consensus EPS estimate for the upcoming report has changed -1.4% over the past month to -$0.07. This represents a change of -133.3% from what the company reported a year ago. Myriad currently has a Zacks Rank of #3 (Hold).
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Viridian Therapeutics, Inc. (VRDN): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).