Needham & Company LLC Reaffirms Buy Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $68.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 40.93% from the company’s current price.

Other research analysts have also issued research reports about the company. Oppenheimer boosted their target price on 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 set a $70.00 price objective on shares of Revolution Medicines in a research report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Barclays raised their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, HC Wainwright boosted their target price on Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $63.67.

Revolution Medicines Trading Up 0.0 %

RVMD stock opened at $48.25 on Tuesday. The company has a market capitalization of $8.12 billion, a P/E ratio of -13.44 and a beta of 1.40. The business has a 50 day simple moving average of $52.22 and a 200-day simple moving average of $45.52. Revolution Medicines has a twelve month low of $23.38 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data 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 prior year, the firm earned ($0.99) EPS. Research analysts predict that Revolution Medicines will post -3.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction dated Tuesday, October 1st. The stock was 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 in the company, valued at approximately $13,486,638.10. This trade represents a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief operating officer now owns 132,320 shares in the company, valued at approximately $6,660,988.80. This trade represents a 27.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock worth $6,355,624 in the last three months. 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 modified their holdings of the company. GAMMA Investing LLC raised its holdings 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 acquiring an additional 222 shares during the last quarter. Quarry LP purchased a new position in Revolution Medicines during the third quarter worth about $82,000. Values First Advisors Inc. acquired a new stake in Revolution Medicines in the 3rd quarter worth about $93,000. KBC Group NV boosted its stake in Revolution Medicines by 12.9% in the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after buying an additional 368 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in 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 buying an additional 320 shares during the period. Hedge funds and other institutional investors 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.