Revolution Medicines, Inc. (NASDAQ:RVMD) Receives $66.25 Average Target Price from Brokerages

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have been assigned a consensus recommendation of “Buy” from the twelve analysts that are covering the stock, MarketBeat reports. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $66.25.

A number of research firms have commented on RVMD. Wedbush reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. UBS Group upped their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Piper Sandler increased their price target 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. JPMorgan Chase & Co. increased their price target 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. Finally, Oppenheimer increased their price target on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th.

Revolution Medicines Stock Performance

RVMD stock opened at $40.92 on Monday. Revolution Medicines has a one year low of $27.40 and a one year high of $62.40. The firm has a market capitalization of $6.88 billion, a PE ratio of -11.40 and a beta of 1.46. The firm has a 50-day moving average of $46.08 and a two-hundred day moving average of $46.73.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the prior year, the firm earned ($0.99) EPS. On average, equities research analysts anticipate that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Thilo Schroeder purchased 1,304,347 shares of the stock in a transaction on Thursday, December 5th. The shares were bought at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the completion of the acquisition, the director now directly owns 2,096,612 shares in the company, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark A. Goldsmith sold 11,714 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $531,815.60. Following the transaction, the insider now owns 325,056 shares in the company, valued at approximately $14,757,542.40. This trade represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,678 shares of company stock worth $847,981. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its stake in shares of Revolution Medicines by 32.3% in the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock worth $278,280,000 after acquiring an additional 1,497,026 shares during the last quarter. FMR LLC grew its stake in shares of Revolution Medicines by 4.4% in the third quarter. FMR LLC now owns 5,875,893 shares of the company’s stock worth $266,472,000 after acquiring an additional 250,037 shares during the last quarter. State Street Corp grew its stake in shares of Revolution Medicines by 4.1% in the third quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after acquiring an additional 208,516 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Revolution Medicines by 8.7% in the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after acquiring an additional 291,369 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Revolution Medicines in the third quarter worth $83,082,000. Institutional investors and hedge funds 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.