Travere Therapeutics (TVTX – Free Report) shares ended the last trading session 12.6% higher at $23.75. 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 13.5% gain over the past four weeks.
The sudden soaring of the stock price was observed following Travere’s announcement that it has completed a Type C meeting with the FDA and intends to submit a supplemental new drug application (sNDA) for traditional approval of Filspari in treating focal segmental glomerulosclerosis. The sNDA will rely on existing data from the phase III DUPLEX and phase II DUET studies and is expected to be submitted by the end of the first quarter of 2025.
This drug developer is expected to post quarterly loss of $0.58 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $73.44 million, up 63% 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 Travere, the consensus EPS estimate for the quarter has been revised 8.8% 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 TVTX 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 >>>>
Travere is part of the Zacks Medical – Biomedical and Genetics industry. Immatics (IMTX – Free Report) , another stock in the same industry, closed the last trading session 6.1% lower at $4.95. IMTX has returned -15.7% in the past month.
Immatics’ consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. Compared to the company’s year-ago EPS, this represents a change of +90.6%. Immatics currently boasts a Zacks Rank of #2 (Buy).
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