Wedbush Reaffirms Outperform Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research report issued on Thursday,RTT News reports. They presently have a $67.00 price objective on the stock. Wedbush’s target price indicates a potential upside of 64.46% from the company’s previous close.

RVMD has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Guggenheim boosted their price objective on Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC reduced their price objective on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating on the stock in a research note on Thursday. Stifel Nicolaus reduced their price objective on Revolution Medicines from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, UBS Group boosted their price objective on Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $66.23.

Revolution Medicines Trading Up 4.2 %

Shares of RVMD opened at $40.74 on Thursday. The firm has a market capitalization of $6.85 billion, a P/E ratio of -11.35 and a beta of 1.45. The stock’s fifty day simple moving average is $42.15 and its 200 day simple moving average is $46.17. Revolution Medicines has a twelve month low of $29.00 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.11). Sell-side analysts predict that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Margaret A. Horn sold 4,329 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $196,536.60. Following the completion of the sale, the chief operating officer now directly owns 127,991 shares of the company’s stock, valued at $5,810,791.40. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thilo Schroeder acquired 1,304,347 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average cost of $46.00 per share, with a total value of $59,999,962.00. Following the completion of the acquisition, the director now owns 2,096,612 shares of the company’s stock, valued at $96,444,152. The trade was a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 18,678 shares of company stock worth $847,981. 8.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Revolution Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc bought a new position in shares of Revolution Medicines during the fourth quarter valued at approximately $34,000. Quarry LP bought a new position in shares of Revolution Medicines during the third quarter valued at approximately $82,000. Sterling Capital Management LLC grew its holdings in shares of Revolution Medicines by 588.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock valued at $86,000 after purchasing an additional 1,672 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Revolution Medicines by 368.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock valued at $90,000 after purchasing an additional 1,613 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Revolution Medicines during the fourth quarter valued at approximately $104,000. 94.34% of the stock is owned by institutional investors.

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.