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Inspire (INSP) Stock Jumps 5.6%: Will It Continue to Soar?

Inspire Medical Systems INSP shares soared 5.6% in the last trading session to close at $208.19. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.9% loss over the past four weeks.

Inspired scored a strong price rise following its better-than-expected second-quarter 2022 earnings and revenues performance.  The company registered a 73% year-over-year increase in revenues in Q2 on strong growth within the United States. In the quarter, the company created 17 new U.S. sales territories, bringing the total to 191 U.S. sales territories. Subsequent to this bullish second quarter performance, investment management company Alger Capital reported about its expectation of huge growth prospects of Inspire . This further instilled investors’ confidence on the stock.

This maker of devices for treating obstructive sleep apnea is expected to post quarterly loss of $0.75 per share in its upcoming report, which represents a year-over-year change of -97.4%. Revenues are expected to be $95.62 million, up 55% 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 Inspire, 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 INSP 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 >>>>

Inspire is part of the Zacks Medical Info Systems industry. 10x Genomics TXG, another stock in the same industry, closed the last trading session 5.6% higher at $35.90. TXG has returned -29.6% in the past month.

10x Genomics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.46. Compared to the company's year-ago EPS, this represents a change of -206.7%. 10x Genomics currently boasts a Zacks Rank of #3 (Hold).


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