Lumentum Holdings Inc. experienced a significant intraday surge of 7.00% on Thursday, with the optical communications stock rallying strongly during the trading session.

The sharp upward movement follows the publication of a new academic study in the Journal of Banking & Finance that identified Lumentum as one of the top momentum stocks in the market. According to the research, which proposed an alternative methodology to avoid crashes common in traditional momentum strategies, Lumentum showed a momentum period gain of +1,091%.

The study, conducted by researchers at Germany's University of Münster, measured momentum from a stock's price 12 months ago to its highest price between then and one month ago. Lumentum ranked among the top 10 highest momentum stocks in the Russell 1000 index using this methodology, which appears to have attracted significant investor attention and buying activity.