Yahoo Finance Homology Medicines (FIXX) Surges 5.9%: Is This an Indication of Further Gains?
Homology Medicines (FIXX) shares ended the last trading session 5.9% higher at $10.70. 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 15.9% loss over the past four weeks.
Earlier this month, the company announced that it plans to have three programs in the clinic during 2021, including the phase II PKU gene therapy study, which is currently recruiting patients. The efforts to develop the company’s rare genetic disease pipeline might have been driving the rally.
Price and Consensus
This gene editing company is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $0.78 million, up 31.4% 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 Homology Medicines, the consensus EPS estimate for the quarter has been revised 5.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on FIXX 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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Homology Medicines, Inc. (FIXX) : Free Stock Analysis Report
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