Revolution Medicines, Inc. (NASDAQ:RVMD) Receives $63.67 Average Target Price from Analysts

Revolution Medicines, Inc. (NASDAQ:RVMD) has been given an average rating of “Buy” by the twelve brokerages that are currently covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $63.67.

RVMD has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a report on Monday, December 2nd. HC Wainwright raised their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Guggenheim boosted their target price on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd.

Insider Activity

In related news, Director Thilo Schroeder bought 1,304,347 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was acquired at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the transaction, the director now directly owns 2,096,612 shares of the company’s stock, valued at $96,444,152. This represents a 164.64 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Stephen Michael Kelsey sold 16,666 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 264,408 shares in the company, valued at $13,085,551.92. This trade represents a 5.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,866 shares of company stock worth $6,355,624. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in Revolution Medicines during the 3rd quarter worth about $801,000. Geode Capital Management LLC boosted its holdings in Revolution Medicines by 8.7% during the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after buying an additional 291,369 shares during the last quarter. Barclays PLC grew its position in shares of Revolution Medicines by 187.1% during the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock worth $13,362,000 after buying an additional 192,021 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Revolution Medicines in the 3rd quarter valued at about $247,000. Finally, State Street Corp raised its position in shares of Revolution Medicines by 4.1% in the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company’s stock valued at $239,429,000 after acquiring an additional 208,516 shares during the period. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Up 0.5 %

Shares of Revolution Medicines stock opened at $47.29 on Friday. Revolution Medicines has a 12 month low of $23.51 and a 12 month high of $62.40. The stock has a market cap of $7.96 billion, a PE ratio of -13.28 and a beta of 1.40. The business has a fifty day simple moving average of $52.40 and a 200-day simple moving average of $45.73.

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

Revolution Medicines Company Profile

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.