Strength Seen in Cardiff Oncology (CRDF): Can Its 10.3% Jump Turn into More Strength?
Cardiff Oncology CRDF shares ended the last trading session 10.3% higher at $10.04. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.3% loss over the past four weeks.
Shares of this clinical-stage biotechnology company, with prime focus on oncology, surged on as investors continue to be optimistic on its pipeline progress. Last month, it reported positive data from its ongoing phase Ib/II study which showed continued robust patient response to treatment with onvansertib and progression-free survival when combined with standard-of-care therapy in second line KRAS-mutated metastatic colorectal cancer.
Price and Consensus
This molecular diagnostic company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +65.9%. Revenues are expected to be $0.08 million, up 7.1% 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 Cardiff Oncology, 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 CRDF 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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Cardiff Oncology, Inc. (CRDF) : Free Stock Analysis Report
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