HC Wainwright Increases Revolution Medicines (NASDAQ:RVMD) Price Target to $72.00

Revolution Medicines (NASDAQ:RVMD) had its target price increased by equities researchers at HC Wainwright from $64.00 to $72.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 52.22% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday. Guggenheim raised their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $68.00 target price on shares of Revolution Medicines in a report on Tuesday. Oppenheimer increased their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research report on Monday. Eleven research 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.com, the company currently has an average rating of “Buy” and a consensus target price of $63.67.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $47.30 on Wednesday. The firm has a market cap of $7.96 billion, a PE ratio of -13.18 and a beta of 1.40. Revolution Medicines has a 1 year low of $23.51 and a 1 year high of $62.40. The stock has a fifty day moving average price of $52.29 and a 200-day moving average price of $45.53.

Revolution Medicines (NASDAQ:RVMD) last issued 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 prior year, the firm posted ($0.99) EPS. As a group, equities analysts anticipate that Revolution Medicines will post -3.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Mark A. Goldsmith sold 30,000 shares of the company’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 value of $1,510,800.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at $15,116,561.20. This represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $49.49, for a total value of $824,800.34. Following the completion of the sale, the insider now owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 5.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,866 shares of company stock valued at $6,355,624. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in Revolution Medicines by 17.5% in the 2nd quarter. SG Americas Securities LLC now owns 10,730 shares of the company’s stock worth $416,000 after acquiring an additional 1,601 shares during the last quarter. Clear Harbor Asset Management LLC grew its stake in shares of Revolution Medicines by 10.2% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock worth $436,000 after buying an additional 1,036 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Revolution Medicines by 196.4% in the 2nd quarter. Raymond James & Associates now owns 74,370 shares of the company’s stock worth $2,886,000 after buying an additional 49,275 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Revolution Medicines by 10.5% during 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 in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 acquiring an additional 115,844 shares during the last quarter. 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.