Revolution Medicines, Inc. (NASDAQ:RVMD) Receives $54.00 Consensus Target Price from Brokerages

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have been assigned an average rating of “Buy” from the eleven research firms that are covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $54.00.

Several analysts recently weighed in on the company. Barclays boosted their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. JPMorgan Chase & Co. dropped their price target on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a report on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $61.00 target price on shares of Revolution Medicines in a report on Monday, October 7th. Finally, HC Wainwright restated a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a research report on Monday, August 12th.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $47.75 on Friday. Revolution Medicines has a fifty-two week low of $15.44 and a fifty-two week high of $51.00. The business has a 50 day moving average price of $44.92 and a two-hundred day moving average price of $41.55.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.81 million. During the same period in the previous year, the company earned ($0.92) EPS. Revolution Medicines’s quarterly revenue was down 73.8% on a year-over-year basis. As a group, sell-side analysts forecast that Revolution Medicines will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in Revolution Medicines by 1,109.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock worth $1,750,000 after acquiring an additional 35,399 shares during the period. Raymond James & Associates lifted its position in shares of Revolution Medicines by 156.2% in the third quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock worth $8,639,000 after purchasing an additional 116,135 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of Revolution Medicines during the third quarter worth approximately $246,000. Creative Planning grew its position in Revolution Medicines by 40.1% during the third quarter. Creative Planning now owns 37,868 shares of the company’s stock valued at $1,717,000 after purchasing an additional 10,839 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after buying an additional 222 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

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.