Guggenheim Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $87.00

Revolution Medicines (NASDAQ:RVMD) had its price target increased by research analysts at Guggenheim from $82.00 to $87.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 80.31% from the stock’s current price.

RVMD has been the topic of several other reports. HC Wainwright increased their price objective on shares of Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler increased their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Oppenheimer raised their price target on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Wedbush restated an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a report on Monday. Finally, Barclays raised their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $63.67.

Revolution Medicines Price Performance

Shares of RVMD stock opened at $48.25 on Tuesday. The firm has a market cap of $8.12 billion, a P/E ratio of -13.44 and a beta of 1.40. Revolution Medicines has a 1-year low of $23.38 and a 1-year high of $62.40. The firm’s 50-day simple moving average is $52.22 and its 200-day simple moving average is $45.52.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data 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 period last year, the firm posted ($0.99) EPS. Analysts expect that Revolution Medicines will post -3.51 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Margaret A. Horn sold 50,000 shares of Revolution Medicines stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the sale, the chief operating officer now owns 132,320 shares in the company, valued at $6,660,988.80. This trade represents a 27.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines 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 in the company, valued at $13,085,551.92. This represents a 5.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock worth $6,355,624 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

Hedge funds have recently made changes to their positions in the stock. Citigroup Inc. grew its position in shares of Revolution Medicines by 29.5% during the third quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock worth $5,348,000 after buying an additional 26,871 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Revolution Medicines by 58.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after buying an additional 653,433 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Revolution Medicines by 1,109.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock worth $1,750,000 after buying an additional 35,399 shares in the last quarter. Raymond James & Associates grew its position in shares of Revolution Medicines by 156.2% during the third quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock worth $8,639,000 after buying an additional 116,135 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Revolution Medicines by 9.2% during the second quarter. Rhumbline Advisers now owns 228,567 shares of the company’s stock worth $8,871,000 after buying an additional 19,257 shares in 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.