uniQure (QURE) shares soared 78.4% in the last trading session to close at $48.16. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.3% gain over the past four weeks.
Shares of uniQure skyrocketed 78.4% after the company announced a major regulatory milestone for AMT-130, its investigational gene therapy for Huntington's disease.During a recent Type B meeting, the FDA informed uniQure that the three-year data from the phase I/II study on AMT-130 study could serve as the primary basis for a biologics license application (BLA) seeking accelerated approval of the therapy for the treatment of Huntington's disease. QURE expects to receive final minutes within 30 days of the recent type B meeting. Apart from AMT-130, uniQure is evaluating AMT-260 for the treatment of refractory mesial temporal lobe epilepsy (MTLE) in the phase I/IIa study. Another candidate in the pipeline is AMT-191 for the treatment of Fabry disease.
This human gene therapy company is expected to post quarterly loss of $0.88 per share in its upcoming report, which represents a year-over-year change of -27.5%. Revenues are expected to be $7.05 million, up 34% 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 uniQure, the consensus EPS estimate for the quarter has been revised 1.3% 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 QURE 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 >>>>
uniQure is part of the Zacks Medical - Biomedical and Genetics industry. Arvinas, Inc. (ARVN), another stock in the same industry, closed the last trading session 3.4% higher at $7.67. ARVN has returned -13.2% in the past month.
For Arvinas, the consensus EPS estimate for the upcoming report has changed +29.2% over the past month to -$0.24. This represents a change of +71.4% from what the company reported a year ago. Arvinas currently has a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).