Gritstone bio(US:GRTS) ZACKS·2024-08-13 22:30Company Performance - Gritstone bio Inc. reported a quarterly loss of $0.16 per share, which was better than the Zacks Consensus Estimate of a loss of $0.26, and an improvement from a loss of $0.31 per share a year ago, representing an earnings surprise of 38.46% [1] - The company posted revenues of $0.92 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 66.70%, and a decline from year-ago revenues of $1.96 million [2] - Over the last four quarters, Gritstone bio has surpassed consensus EPS estimates three times, but has topped consensus revenue estimates only once [2] Stock Outlook - Gritstone bio shares have lost approximately 76% since the beginning of the year, contrasting with the S&P 500's gain of 12.1% [3] - The current consensus EPS estimate for the coming quarter is -$0.20 on $8.1 million in revenues, and -$1.01 on $13.65 million in revenues for the current fiscal year [7] - The estimate revisions trend for Gritstone bio is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Gritstone bio belongs, is currently in the top 29% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Gritstone bio's stock performance [5]