EyePoint Pharmaceuticals (EYPT) Soars 27.6%: Is Further Upside Left in the Stock?
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EyePoint Pharmaceuticals (EYPT) shares soared 27.6% in the last trading session to close at $12.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 19.1% gain over the past four weeks.
Earlier this week, the company announced positive interim 16-week data from the ongoing phase II VERONA study evaluating its lead pipeline candidate, Duravyu, for treating patients with diabetic macular edema. Recently, EyePoint Pharmaceuticals also announced that it has dosed the first patient in the phase III LUGANO study investigating Duravyu for the treatment of wet age-related macular degeneration. The growing optimism over the development of Duravyu might have driven the share price rally.
This drug delivery technology company is expected to post quarterly loss of $0.52 per share in its upcoming report, which represents a year-over-year change of -57.6%. Revenues are expected to be $10.83 million, down 28.8% 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 EyePoint Pharmaceuticals, 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 EYPT 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 >>>>
EyePoint Pharmaceuticals belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Qiagen (QGEN), closed the last trading session 0.6% higher at $41.80. Over the past month, QGEN has returned -8.2%.
For Qiagen , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.54. This represents a change of +3.9% from what the company reported a year ago. Qiagen currently has a Zacks Rank of #4 (Sell).
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EYEPOINT PHARMACEUTICALS, INC. (EYPT) : Free Stock Analysis Report
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