Adaptive Biotechnologies (ADPT) Surges 12.5%: Is This an Indication of Further Gains?

Adaptive Biotechnologies (ADPT) shares soared 12.5% in the last trading session to close at $11.98. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.5% gain over the past four weeks.The sudden rise in price can be attributed to investor optimism related to growing demand and volume growth of Adaptive Biotechnologies’ clonoSEQ, an FDA-cleared diagnostic test used to detect and monitor minimal residual disease (MRD) in patients with certain types of blood cancers.This life-sciences research company is expected to post quarterly loss of $0.24 per share in its upcoming report, which represents a year-over-year change of +7.7%. Revenues are expected to be $49.7 million, up 15.1% 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 Adaptive Biotechnologies, 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 ADPT 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 >>>>Adaptive Biotechnologies is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Fortrea Holdings Inc. (FTRE), finished the last trading session 2.4% lower at $5.19. FTRE has returned 28% over the past month.Fortrea Holdings Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.06. Compared to the company's year-ago EPS, this represents a change of +300%. Fortrea Holdings Inc. currently boasts a Zacks Rank of #2 (Buy).Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Adaptive Biotechnologies Corporation (ADPT): Free Stock Analysis Report Fortrea Holdings Inc. (FTRE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks