Exelixis (EXEL) Surges 7.4%: Is This an Indication of Further Gains?

Exelixis (EXEL) shares soared 7.4% in the last trading session to close at $43.37. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.8% loss over the past four weeks.Shares rallied following the company's announcement that the late-stage STELLAR-303 study met one of its two dual primary endpoints, demonstrating a statistically significant improvement in overall survival (OS) for the intent-to-treat (ITT) population when treated with zanzalintinib in combination with Tecentriq compared to the current standard-of-care drug, regorafenib.The positive data from this study increases the likelihood of a potential approval of zanzalintinib.This drug developer is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of -25%. Revenues are expected to be $571.08 million, down 10.4% 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 Exelixis, the consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on EXEL 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 >>>>Exelixis is part of the Zacks Medical - Biomedical and Genetics industry. Cartesian Therapeutics, Inc. (RNAC), another stock in the same industry, closed the last trading session 0.7% higher at $9.83. RNAC has returned 6.6% in the past month.Cartesian Therapeutics, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.77. Compared to the company's year-ago EPS, this represents a change of -242.6%. Cartesian Therapeutics, Inc. currently boasts a Zacks Rank of #3 (Hold).Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want 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 Exelixis, Inc. (EXEL): Free Stock Analysis Report Boston Scientific Corporation (BSX): Free Stock Analysis Report Graco Inc. (GGG): Free Stock Analysis Report Stem, Inc. (STEM): Free Stock Analysis Report Compugen Ltd. (CGEN): Free Stock Analysis Report Sutro Biopharma, Inc. (STRO): Free Stock Analysis Report Progyny, Inc. (PGNY): Free Stock Analysis Report Cartesian Therapeutics, Inc. (RNAC): 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