Ambit Biosciences (AMBI) Soars: Stock Adds 87.1% – Tale of the Tape

September 30, 2014 Technicals 0

Zacks

Ambit Biosciences Corporation (AMBI) was a big mover last session with its shares surging over 87% on the day. The surge came on solid volume with far more shares changing hands than in a normal session. The upside came primarily on the back of Japanese drug maker Daiichi Sankyo’s (DSNKY) decision to purchase the company for approximately $315 million. The stock picked up sharply from the past one month’s near-flat trend of $7.57 to $8.41.

This biopharmaceutical company has seen two positive estimate revisions in the last 60 days. The Zacks Consensus Estimate has also moved higher over the same period. This implies solid trading potential for the company. So make sure to keep an eye on this stock going forward to see if yesterday’s rally can turn into more strength down the road.

Ambit Biosciences currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.

Investors interested in the biomedical industry may consider stocks like Cambrex Corporation (CBM) and Gilead Sciences Inc. (GILD). Both the stocks sport a Zacks Rank #1 (Strong Buy).

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