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Calliditas Therapeutics AB Sponsored ADR (CALT) Surges 16.1%: Is This an Indication of Further Gains?

Calliditas Therapeutics AB Sponsored ADR CALT shares rallied 16.1% in the last trading session to close at $19.01. 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 8% loss over the past four weeks.

The rise in share price is attributed to positive investor expectation on the company's marketed drug Tarpeyo which is approved to treat patients with primary IgA nephropathy, a rare kidney disease. Last month, the FDA accepted the submission of a supplement new drug application (sNDA), seeking to convert accelerated approval of Tarpeyo delayed-release capsule to a full approval and granted a priority review to the sNDA.

This company is expected to post quarterly loss of $0.22 per share in its upcoming report, which represents a year-over-year change of -633.3%. Revenues are expected to be $28.09 million, up 13.8% 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 Calliditas Therapeutics AB Sponsored ADR, 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 CALT 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 >>>>

Calliditas Therapeutics AB Sponsored ADR is a member of the Zacks Medical - Drugs industry. One other stock in the same industry, Cronos Group CRON, finished the last trading session 2.8% lower at $2.12. CRON has returned 23.2% over the past month.

For Cronos , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +57.1% from what the company reported a year ago. Cronos currently has a Zacks Rank of #3 (Hold).

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