Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Target Price at $66.31

Revolution Medicines, Inc. (NASDAQ:RVMD) has received an average rating of “Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat reports. Twelve investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $66.31.

Several equities analysts have weighed in on RVMD shares. JPMorgan Chase & Co. lifted their target price on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Guggenheim lifted their target price on Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC dropped their target price on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus dropped their target price on Revolution Medicines from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, UBS Group lifted their target price on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th.

Revolution Medicines Trading Down 0.7 %

Shares of NASDAQ:RVMD opened at $38.49 on Tuesday. The business has a 50-day moving average price of $40.63 and a 200 day moving average price of $45.73. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of -10.72 and a beta of 1.46. Revolution Medicines has a 12-month low of $29.55 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last released 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). As a group, equities research analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jack Anders sold 1,864 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $72,770.56. Following the completion of the sale, the chief financial officer now owns 115,006 shares in the company, valued at $4,489,834.24. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Margaret A. Horn sold 3,058 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $119,384.32. Following the sale, the chief operating officer now owns 153,533 shares of the company’s stock, valued at approximately $5,993,928.32. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,660 shares of company stock worth $650,406. 8.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors have recently added to or reduced their stakes in RVMD. Boxer Capital Management LLC purchased a new stake in Revolution Medicines during the fourth quarter worth approximately $187,184,000. Janus Henderson Group PLC increased its position in Revolution Medicines by 54.5% during the fourth quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock worth $414,777,000 after buying an additional 3,346,755 shares during the period. Vanguard Group Inc. increased its position in Revolution Medicines by 14.7% during the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company’s stock worth $747,799,000 after buying an additional 2,185,082 shares during the period. Farallon Capital Management LLC increased its position in Revolution Medicines by 17.1% during the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock worth $579,498,000 after buying an additional 1,931,000 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in Revolution Medicines during the third quarter worth approximately $83,082,000. 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.