electroCore, Inc. (ECOR) shares soared 6% in the last trading session to close at $13.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 61.1% gain over the past four weeks.
The recent rise in the stock price can be attributed to investors’ optimism about the financial performance of electroCore’s flagship product, gammaCore Sapphire, in the upcoming third-quarter 2024 results. The company also has two other products in its commercial portfolio, Truvaga products for general health and wellbeing support and TAC-STIM for human performance.
This company is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of +57.4%. Revenues are expected to be $6.48 million, up 43.6% 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 electroCore, 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 ECOR 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 >>>>
electroCore belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, OptiNose (OPTN), closed the last trading session 1.3% higher at $0.78. Over the past month, OPTN has returned 18.5%.
For OptiNose , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. This represents a change of +37.5% from what the company reported a year ago. OptiNose currently has a Zacks Rank of #3 (Hold).
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