Revolution Medicines (NASDAQ:RVMD) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) saw unusually-high trading volume on Wednesday after HC Wainwright raised their price target on the stock from $64.00 to $72.00. HC Wainwright currently has a buy rating on the stock. Approximately 2,012,988 shares were traded during mid-day trading, an increase of 49% from the previous session’s volume of 1,354,599 shares.The stock last traded at $48.94 and had previously closed at $48.23.

Other analysts also recently issued reports about the stock. Wedbush restated an “outperform” rating and set a $70.00 target price on shares of Revolution Medicines in a report on Monday. JPMorgan Chase & Co. raised their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday. Guggenheim lifted their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler lifted their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $68.00 target price on shares of Revolution Medicines in a research report on Tuesday. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $63.67.

Insiders Place Their Bets

In related news, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the sale, the insider now directly owns 300,170 shares in the company, valued at $13,486,638.10. This represents a 3.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Barbara Weber sold 5,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total value of $249,704.00. Following the completion of the sale, the director now owns 13,065 shares in the company, valued at $627,381.30. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of 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 acquiring an additional 222 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Revolution Medicines by 10.5% during the second 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 in the last quarter. Captrust Financial Advisors boosted its position in shares of Revolution Medicines by 4.1% during the third quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock valued at $384,000 after purchasing an additional 337 shares in the last quarter. Amalgamated Bank grew its stake in shares of Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock worth $205,000 after acquiring an additional 365 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after acquiring an additional 368 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

The firm has a 50-day moving average of $52.22 and a 200 day moving average of $45.52. The company has a market capitalization of $8.12 billion, a PE ratio of -13.44 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last released its 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 firm posted ($0.99) earnings per share. Equities analysts expect that Revolution Medicines, Inc. will post -3.51 EPS for the current year.

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.