Revolution Medicines (NASDAQ:RVMD) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a report issued on Monday morning,RTT News reports. Wedbush currently has a $70.00 target price on the stock.

RVMD has been the topic of several other research reports. JPMorgan Chase & Co. lifted their price target on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer increased their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Piper Sandler boosted their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Needham & Company LLC upped their target price on shares of Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, HC Wainwright lifted their price target on shares of Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and a consensus price target of $61.92.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $51.80 on Monday. Revolution Medicines has a fifty-two week low of $23.38 and a fifty-two week high of $62.40. The firm has a market capitalization of $8.71 billion, a P/E ratio of -14.43 and a beta of 1.40. The stock’s fifty day moving average is $51.89 and its two-hundred day moving average is $45.35.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the previous year, the business earned ($0.99) EPS. As a group, sell-side analysts forecast that Revolution Medicines will post -3.51 EPS for the current year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This trade represents a 5.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barbara Weber sold 5,200 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares in the company, valued at $627,381.30. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,866 shares of company stock valued at $6,355,624. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its holdings in shares of Revolution Medicines by 17.5% in the 2nd quarter. SG Americas Securities LLC now owns 10,730 shares of the company’s stock valued at $416,000 after purchasing an additional 1,601 shares during the last quarter. Clear Harbor Asset Management LLC grew its position in shares of Revolution Medicines by 10.2% during the second quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock worth $436,000 after acquiring an additional 1,036 shares during the last quarter. Raymond James & Associates grew its position in shares of Revolution Medicines by 196.4% during the second quarter. Raymond James & Associates now owns 74,370 shares of the company’s stock worth $2,886,000 after acquiring an additional 49,275 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after acquiring an additional 320 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Revolution Medicines by 21.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 645,253 shares of the company’s stock valued at $25,042,000 after purchasing an additional 115,844 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

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.