Revolution Medicines (NASDAQ:RVMD) Reaches New 12-Month High – What’s Next?

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $48.90 and last traded at $48.63, with a volume of 467888 shares. The stock had previously closed at $47.34.

Analysts Set New Price Targets

Several brokerages have commented on RVMD. JPMorgan Chase & Co. cut their price target on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Bank of America boosted their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Needham & Company LLC restated a “buy” rating and set a $61.00 price objective on shares of Revolution Medicines in a research note on Monday. HC Wainwright restated a “buy” rating and set a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Finally, Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Revolution Medicines has a consensus rating of “Buy” and a consensus target price of $54.00.

Revolution Medicines Trading Up 4.0 %

The firm has a market cap of $8.23 billion, a price-to-earnings ratio of -12.62 and a beta of 1.43. The stock’s 50 day moving average is $43.72 and its 200 day moving average is $40.25.

Revolution Medicines (NASDAQ:RVMD) last announced 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 business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter in the previous year, the firm posted ($0.92) EPS. The firm’s quarterly revenue was down 73.8% on a year-over-year basis. On average, equities research analysts predict that Revolution Medicines, Inc. will post -3.35 EPS for the current year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares in the company, valued at $13,486,638.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the sale, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $46.47, for a total transaction of $774,515.49. Following the sale, the insider now directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,667 shares of company stock worth $2,808,865 in the last quarter. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in RVMD. Bellevue Group AG lifted its stake in Revolution Medicines by 7.8% in the 4th quarter. Bellevue Group AG now owns 5,091,000 shares of the company’s stock valued at $146,010,000 after purchasing an additional 369,500 shares during the last quarter. BVF Inc. IL lifted its stake in Revolution Medicines by 50.2% in the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after purchasing an additional 2,000,000 shares during the last quarter. American International Group Inc. increased its position in Revolution Medicines by 41.3% in the 4th quarter. American International Group Inc. now owns 71,494 shares of the company’s stock valued at $2,050,000 after acquiring an additional 20,881 shares during the period. Goldman Sachs Group Inc. increased its position in Revolution Medicines by 67.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,053,257 shares of the company’s stock valued at $30,207,000 after acquiring an additional 425,812 shares during the period. Finally, Wellington Management Group LLP increased its position in Revolution Medicines by 40.8% in the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after acquiring an additional 4,309,611 shares during the period. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

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.