Company Reports Promising Developments in Cancer Therapy
ImmunityBio (IBRX) shares surged 26.4% in the most recent trading session, closing at $5.32. This increase was driven by a higher-than-usual trading volume, indicating strong investor interest. Over the past four weeks, the stock has experienced an 8% rise.
Last week marked an important milestone for the company with the dosing of its first patient in a phase I study. This study evaluates ImmunityBio’s CAR-NK cell therapy, CD19 t-haNK, which is aimed at treating relapsed B-cell non-Hodgkin lymphoma. This announcement likely played a crucial role in driving the recent increase in share price.
Looking ahead, ImmunityBio is projected to report a quarterly loss of $0.18 per share. This figure reflects a year-over-year improvement of 5.3%. Revenue for the upcoming quarter is expected to reach $4.37 million, a staggering increase of 5356.3% compared to the same period last year.
While these earnings and revenue expectations are key factors in assessing stock potential, it’s notable that past research shows a strong link between earnings estimate trends and short-term stock performance. For IBRX, the consensus earnings per share (EPS) estimate has remained stable over the last 30 days. Typically, a stock’s price growth slows without revisions to earnings estimates. Thus, observers should monitor ImmunityBio closely to determine if this price surge can translate into sustained momentum.
Currently, the stock holds a Zacks Rank #3 (Hold). For those interested, you can find a full list of today’s Zacks Rank #1 (Strong Buy) stocks right here.
ImmunityBio operates within the Zacks Medical – Biomedical and Genetics industry. Another company in this field, Rhythm Pharmaceuticals, Inc. (RYTM), closed its latest trading session down 2.3% at $48.55, reflecting a -2.8% change over the past month.
The consensus EPS estimate for Rhythm Pharmaceuticals has decreased by 4.6% over the last month to -$0.80. This change represents a decline of 5.3% compared to the same quarter last year. Rhythm Pharmaceuticals currently holds a Zacks Rank of #2 (Buy).
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
