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CollPlant Biotechnologies (CLGN) Soars 8.2%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2-min read

CollPlant Biotechnologies Ltd. Sponsored ADR (CLGN) shares rallied 8.2% in the last trading session to close at $6.75. 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 19.1% gain over the past four weeks.

Last month, the company reported robust financial results for the full year ended 2023. The company also made significant progress with the advancement of the dermal and soft tissue filler program toward commercialization with its partner, AbbVie. This might have driven the share price rally.

This company is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -6.1%. Revenues are expected to be $0.6 million, up 39.5% 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.

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For CollPlant 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 CLGN 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 >>>>

CollPlant Biotechnologies is part of the Zacks Medical - Biomedical and Genetics industry. Allogene Therapeutics (ALLO), another stock in the same industry, closed the last trading session 3.6% higher at $2.86. ALLO has returned -32.2% in the past month.

Allogene Therapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.38. Compared to the company's year-ago EPS, this represents a change of +44.1%. Allogene Therapeutics currently boasts a Zacks Rank of #3 (Hold).

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CollPlant Biotechnologies Ltd. Sponsored ADR (CLGN) : Free Stock Analysis Report

Allogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report

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Zacks Investment Research