Altimmune, Inc. ALT shares soared 16.5% in the last trading session to close at $16.46. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.4% gain over the past four weeks.
Encouraging interim data from an early-stage weight loss study on its GLP-1/glucagon dual receptor agonist candidate, ALT-801, drove share prices on Wednesday. The company has several other pipeline candidates, including COVID-19 vaccine and therapeutic candidates. Positive clinical data will drive shares prices further high.
This company is expected to post quarterly loss of $0.26 per share in its upcoming report, which represents a year-over-year change of +72.3%. Revenues are expected to be $3.84 million, up 432.9% 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 Altimmune, Inc., the consensus EPS estimate for the quarter has been revised 25.7% 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 ALT 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 >>>>
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