NovoCure (NVCR) Soars 5.3%: Is Further Upside Left in the Stock?

NovoCure (NVCR) shares soared 5.3% in the last trading session to close at $18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.9% loss over the past four weeks.The sudden rise in the stock price can be attributed to the growing investors optimism related to the company’s efforts in the development and commercialization of Tumor Treating Fields (TTFields) devices, including Optune Gio and Optune Lua, which are approved for the treatment of solid tumor cancers.This oncology drug developer is expected to post quarterly loss of $0.40 per share in its upcoming report, which represents a year-over-year change of -29%. Revenues are expected to be $152.48 million, up 1.4% 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 NovoCure, 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 NVCR 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 >>>>NovoCure is part of the Zacks Medical - Biomedical and Genetics industry. Kymera Therapeutics, Inc. (KYMR), another stock in the same industry, closed the last trading session 3.5% lower at $44.12. KYMR has returned 51.1% in the past month.For Kymera Therapeutics, the consensus EPS estimate for the upcoming report has changed +5.8% over the past month to -$0.84. This represents a change of -44.8% from what the company reported a year ago. Kymera Therapeutics currently has 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 NovoCure Limited (NVCR): Free Stock Analysis Report Kymera Therapeutics, Inc. (KYMR): 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