Revolution Medicines, Inc. (RVMD) shares ended the last trading session 5.6% higher at $19.17. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock’s 16.4% gain over the past four weeks.
Share price of Revolution Medicines are rising for the past few days most likley in anticipation of a positive regulatory updated related to an Investigational New Drug (IND) application for its pipeline candidate, RMC-6236. The company is planning to start a monotherapy dose-escalation study on the candidate in mid-2022.
This company is expected to post quarterly loss of $0.87 per share in its upcoming report, which represents a year-over-year change of -45%. Revenues are expected to be $8.75 million, up 0.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Revolution Medicines, Inc., 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 RVMD 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 >>>>
Revolution Medicines, Inc. is part of the Zacks Medical – Drugs industry. Alpine Immune Sciences, Inc. (ALPN), another stock in the same industry, closed the last trading session 2.4% higher at $9.13. ALPN has returned 4.8% in the past month.
For Alpine Immune Sciences, Inc.
, the consensus EPS estimate for the upcoming report has changed -1.3% over the past month to -$0.39. This represents a change of +15.2% from what the company reported a year ago. Alpine Immune Sciences, Inc. currently has a Zacks Rank of #3 (Hold).
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report