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Strength Seen in Inogen (INGN): Can Its 5.0% Jump Turn into More Strength?

Inogen INGN shares ended the last trading session 5% higher at $13.35. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 45.9% loss over the past four weeks.

Inogen recorded a strong price increase following its better-than-expected fourth-quarter 2022 earnings performance. The company’s adjusted loss per share was narrower than the Zacks Consensus Estimate. The company had registered robust year-over-year uptick in overall top line as well as rental and sales revenues. During the earnings call, management confirmed that it plans to drive further differentiation for Inogen and chronic obstructive pulmonary disease with anticipated new product launches in 2023 in the United States and Europe after securing the necessary regulatory clearances. Inogen had also participated in a virtual fireside chat at the KeyBanc Virtual Life Sciences & MedTech Investor Forum on March 21, which further raises optimism.

This produces oxygen concentrators for patients suffering from chronic respiratory conditions is expected to post quarterly loss of $0.73 per share in its upcoming report, which represents a year-over-year change of -92.1%. Revenues are expected to be $74.24 million, down 7.7% 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 Inogen, the consensus EPS estimate for the quarter has been revised 13.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on INGN 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 >>>>

Inogen belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Thermo Fisher Scientific TMO, closed the last trading session 1.1% higher at $556.70. Over the past month, TMO has returned -1.6%.

Thermo Fisher's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $4.95. Compared to the company's year-ago EPS, this represents a change of -31.7%. Thermo Fisher currently boasts a Zacks Rank of #2 (Buy).

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