Shares of Revolution Medicines, Inc. (RVMD) soared 5.74% in pre-market trading on Thursday, as the biotech company received positive analyst coverage. The stock's upward movement comes on the heels of multiple "Buy" ratings from Wall Street analysts, highlighting the company's potential in the healthcare sector.
Two prominent analysts have reiterated their bullish stance on Revolution Medicines. Alec Stranahan maintained a "Buy" recommendation, emphasizing the promise of the company's RAS(ON) platform and its strong financial position. Similarly, Peter Lawson from Barclays reaffirmed a "Buy" rating on RVMD, demonstrating confidence in the company's prospects.
Despite the overall positive sentiment, Guggenheim adjusted its target price for Revolution Medicines, lowering it from $87 to $80. However, this adjustment does not appear to have dampened investor enthusiasm, as evidenced by the stock's significant pre-market gain. The continued "Buy" ratings from multiple analysts seem to be outweighing any concerns, suggesting that investors remain optimistic about Revolution Medicines' future in the competitive biotech landscape.
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