How did EQT's Q1 2024 earnings surprise the market?

Equillium (EQT) reported an EPS surprise of $0.01 for Q1 2024, which was a positive surprise given the analyst expectations. However, the market reacted negatively to the earnings report, with the stock price falling by 16.93% to $0.41. This suggests that while the earnings beat expectations, other factors such as market conditions or company-specific news may have contributed to the negative market reaction.

|code|Ticker|Name|Date|Revenue Surprise|EPS Surprise|market_code|
|---|---|---|---|---|---|---|
|EQT|EQT.N|Eqt|2023 Q2|-3.6923E7|0.08|169|
|EQT|EQT.N|Eqt|2023 Q3|5.2E7|0.38|169|
|EQT|EQT.N|Eqt|2023 Q4|-2.1E7|-0.04|169|
|EQT|EQT.N|Eqt|2024 Q1|1.6E8|0.18|169|

Capital One Financial, in their research note, dropped their Q1 2024 earnings per share (EPS) estimates for EQT, anticipating earnings of $0.64 per share, down from their prior estimate of $0.66. This indicates a potential concern among analysts about the company's earnings potential, which could have contributed to the negative market sentiment despite the earnings surprise.

Overall, while EQT's Q1 2024 earnings surprise was positive in terms of meeting expectations, the market's reaction was likely influenced by a combination of factors, including revised analyst estimates and broader market conditions.