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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

Profound Medical (PROF) Surges 5.1%: Is This an Indication of Further Gains?

Zacks Equity Research
·2 min read

Profound Medical (PROF) shares rallied 5.1% in the last trading session to close at $11.62. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 109.9% gain over the past four weeks.

Shares of the company were high as optimism builds around growth for the drug/biotech sector in 2023.

This company is expected to post quarterly loss of $0.36 per share in its upcoming report, which represents a year-over-year change of +26.5%. Revenues are expected to be $2.2 million, up 120% 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.

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For Profound Medical, 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 PROF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Profound Medical is part of the Zacks Medical - Drugs industry. VAXART, INC. (VXRT), another stock in the same industry, closed the last trading session 0.4% higher at $0.97. VXRT has returned -14.9% in the past month.

VAXART, INC.'s consensus EPS estimate for the upcoming report has changed -4.8% over the past month to -$0.22. Compared to the company's year-ago EPS, this represents a change of -29.4%. VAXART, INC. currently boasts a Zacks Rank of #3 (Hold).

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VAXART, INC. (VXRT) : Free Stock Analysis Report

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Zacks Investment Research