Needham & Company LLC Reaffirms Buy Rating for Revolution Medicines (NASDAQ:RVMD)

by · The Markets Daily

Needham & Company LLC reissued their buy rating on shares of Revolution Medicines (NASDAQ:RVMD – Free Report) in a report published on Monday, Benzinga reports. Needham & Company LLC currently has a $61.00 price objective on the stock.

A number of other analysts have also commented on the stock. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a report on Monday, July 8th. They set a buy rating and a $63.00 target price for the company. Oppenheimer upped their price objective on Revolution Medicines from $45.00 to $55.00 and gave the company an outperform rating in a report on Tuesday, July 16th. Barclays raised their target price on Revolution Medicines from $54.00 to $60.00 and gave the stock an overweight rating in a report on Friday, September 27th. Bank of America upped their price target on Revolution Medicines from $48.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Finally, HC Wainwright reissued a buy rating and set a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Revolution Medicines presently has a consensus rating of Buy and an average target price of $54.00.

Read Our Latest Stock Analysis on Revolution Medicines

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $49.49 on Monday. The stock’s fifty day moving average price is $43.81 and its two-hundred day moving average price is $40.39. The company has a market cap of $8.27 billion, a price-to-earnings ratio of -13.20 and a beta of 1.43. Revolution Medicines has a 52-week low of $15.44 and a 52-week high of $50.00.

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 the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. The company’s revenue was down 73.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.92) earnings per share. On average, equities analysts predict that Revolution Medicines will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at approximately $14,050,419.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $45.88, for a total value of $458,800.00. Following the sale, the insider now owns 311,885 shares of the company’s stock, valued at approximately $14,309,283.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at $14,050,419.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,667 shares of company stock valued at $2,808,865. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bellevue Group AG increased its holdings in Revolution Medicines by 7.8% during the fourth quarter. Bellevue Group AG now owns 5,091,000 shares of the company’s stock worth $146,010,000 after buying an additional 369,500 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Revolution Medicines in the 1st quarter valued at about $6,656,000. Mass General Brigham Inc bought a new position in Revolution Medicines during the first quarter worth about $10,900,000. Vanguard Group Inc. increased its position in Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after buying an additional 122,721 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in Revolution Medicines in the first quarter valued at approximately $2,208,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

(Get Free Report)

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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