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Harrow HROW shares soared 12.9% in the last trading session to close at $19.93. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.5% gain over the past four weeks.

This rise in share price came after Harrow provided an encouraging update for the relaunch of its ophthalmology drug Triesence. The company has completed manufacturing the first of three commercial-scale process performance qualification (PPQ) batches of the drug, which has been on the FDA’s shortage list for over five years. This suggests that the relaunch of Triesence is on track, and Harrow is taking steps to meet market demands.

This pharmaceutical and drug compounding company is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of -1150%. Revenues are expected to be $42.78 million, up 27.8% 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 Harrow, 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 HROW 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 >>>>

Harrow is part of the Zacks Medical - Drugs industry. Avadel AVDL, another stock in the same industry, closed the last trading session 4% lower at $14.98. AVDL has returned -1.4% in the past month.

Avadel's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of +74.3%. Avadel currently boasts a Zacks Rank of #3 (Hold).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.