Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $60.00

by · The Cerbat Gem

Revolution Medicines (NASDAQ:RVMD – Free Report) had its price target lifted by Oppenheimer from $55.00 to $60.00 in a research note published on Monday, Benzinga reports. The firm currently has an outperform rating on the stock.

RVMD has been the topic of several other reports. Wedbush restated an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research report on Thursday, August 8th. Barclays boosted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. JPMorgan Chase & Co. dropped their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group initiated coverage on Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $61.00 price target on shares of Revolution Medicines in a report on Thursday, October 24th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Revolution Medicines presently has a consensus rating of “Buy” and an average price target of $56.75.

Get Our Latest Stock Report on Revolution Medicines

Revolution Medicines Stock Up 2.9 %

Shares of Revolution Medicines stock opened at $47.75 on Monday. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of -13.12 and a beta of 1.43. Revolution Medicines has a 52-week low of $18.00 and a 52-week high of $51.00. The company’s 50-day simple moving average is $45.35 and its 200-day simple moving average is $42.03.

Revolution Medicines (NASDAQ:RVMD – Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. During the same period last year, the business posted ($0.92) earnings per share. The company’s quarterly revenue was down 73.8% on a year-over-year basis. Equities research analysts anticipate that Revolution Medicines will post -3.35 EPS for the current year.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $15,116,561.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Revolution Medicines news, insider Mark A. Goldsmith sold 30,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.36, for a total value of $1,510,800.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at approximately $15,116,561.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $49.49, for a total value of $824,800.34. Following the transaction, the insider now directly owns 264,408 shares in the company, valued at approximately $13,085,551.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 137,866 shares of company stock worth $6,814,424. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Revolution Medicines by 0.8% in the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after acquiring an additional 122,721 shares during the last quarter. Farallon Capital Management LLC raised its stake in Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the period. Baker BROS. Advisors LP boosted its holdings in shares of Revolution Medicines by 46.6% in the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after purchasing an additional 2,400,592 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Revolution Medicines by 3.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after buying an additional 177,957 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Revolution Medicines by 77.9% in the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock worth $126,067,000 after buying an additional 1,712,639 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

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Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.

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