Elanco Animal Health (ELAN) Soars 12.6%: Is Further Upside Left in the Stock?

Elanco Animal Health Incorporated (ELAN) shares rallied 12.6% in the last trading session to close at $9.38. 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 17% loss over the past four weeks.The upside can be attributed to relief-rally across global markets following the announcement of a 90-day pause on tariff hike by the United States.This company is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of -8.8%. Revenues are expected to be $1.17 billion, down 3.1% 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 Elanco Animal Health, 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 ELAN 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 >>>>Elanco Animal Health is part of the Zacks Medical - Outpatient and Home Healthcare industry. Astrana Health, Inc. (ASTH), another stock in the same industry, closed the last trading session 2.7% higher at $31.93. ASTH has returned 10.3% in the past month.Astrana Health, Inc.'s consensus EPS estimate for the upcoming report has changed -3.5% over the past month to $0.28. Compared to the company's year-ago EPS, this represents a change of -9.7%. Astrana Health, Inc. currently boasts a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Elanco Animal Health Incorporated (ELAN): Free Stock Analysis Report Astrana Health, Inc. (ASTH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks