JPMorgan Chase & Co. Boosts Revolution Medicines (NASDAQ:RVMD) Price Target to $71.00

Revolution Medicines (NASDAQ:RVMD) had its price target raised by research analysts at JPMorgan Chase & Co. from $63.00 to $71.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 47.15% from the stock’s previous close.

Several other brokerages have also commented on RVMD. Guggenheim boosted their price target on Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Oppenheimer upped their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Piper Sandler lifted their price target 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 reaffirmed a “buy” rating and set a $68.00 price objective on shares of Revolution Medicines in a research note on Tuesday. Finally, Wedbush reissued an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research note on Monday. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $63.67.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $48.25 on Tuesday. The firm has a fifty day moving average of $52.22 and a 200-day moving average of $45.52. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of -13.44 and a beta of 1.40. Revolution Medicines has a 52-week low of $23.38 and a 52-week high of $62.40.

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

Insider Buying and Selling at Revolution Medicines

In related news, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were 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 5.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $15,116,561.20. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,866 shares of company stock worth $6,355,624. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in RVMD. GAMMA Investing LLC raised its stake in Revolution Medicines by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after buying an additional 222 shares during the period. Quarry LP acquired a new stake in shares of Revolution Medicines during the third quarter worth about $82,000. Values First Advisors Inc. bought a new position in shares of Revolution Medicines during the 3rd quarter valued at about $93,000. Nisa Investment Advisors LLC grew its position 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 purchasing an additional 320 shares during the period. Finally, KBC Group NV increased its stake in Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

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.