Shares of regenerative medicine company Organogenesis Holdings (NASDAQ: ORGO) are skyrocketing on Thursday on high trading volume following two pieces of good news the drugmaker announced in the past 24 hours. Organogenesis Holdings’ stock is up by 37.9% as of 12:34 p.m. EST after rising by as much as 43.2% today.
On Wednesday evening Organogenesis Holdings announced preliminary results for its fourth quarter of fiscal 2020. The company said it expects its net revenue to come in between $104.6 million and $106 million, which would represent a 40%-to-42% year-over-year increase. On average, analysts predicted that the drugmaker’s revenue for the fourth quarter would be $80.84 million. For the 12-month period that ended on Dec. 31, Organogenesis Holdings thinks it will record net revenue between $336.1 million and $337.5 million, an increase of roughly 29% compared to fiscal 2019.