It’s a great day for healthcare stock Revolution Medicines (NASDAQ:RVMD), which is up in Tuesday afternoon’s trading. The biggest reason behind the push was a solid earnings report that beat expectations, though perhaps not quite how investors would have preferred.
Analysts looked for the firm to post a loss of $0.82 per share. Instead, Revolution Medicines turned in a loss of $0.63 per share. Revenue, meanwhile, nearly doubled expectations of $7.8 million, coming in at $15.33 million. Meanwhile, a look at Revolution’s full-year expectations looks for a net loss of around $335 million to $365 million.
Revolution Medicines’ primary stock in trade, based on a look at its pipeline, is fighting cancer. That’s the kind of thing that tends to draw investor interest; it’s not hard to envision investors eager to buy a piece of a company that may have a cure for cancer on its hands. Right now, Revolution Medicines has several different treatments in its pipeline, including two that have reached the clinical phase 1 stage.
With that kind of portfolio on hand, it’s not surprising to see analysts turn out in force. Currently, analyst consensus calls Revolution Medicines stock a Strong Buy. In fact, four different analysts reiterated their Buy ratings yesterday, while Eric Joseph of J.P. Morgan upgraded his rating to Buy. Further, RVMD stock has 24.55% upside potential thanks to its average price target of $34.14.
