Revolution Medicines (NASDAQ:RVMD) Trading Down 6.1%

Revolution Medicines, Inc. (NASDAQ:RVMD) shares were down 6.1% during mid-day trading on Monday . The company traded as low as $42.61 and last traded at $42.63. Approximately 537,368 shares were traded during trading, a decline of 60% from the average daily volume of 1,335,562 shares. The stock had previously closed at $45.42.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RVMD shares. Bank of America boosted their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Oppenheimer boosted their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Needham & Company LLC lowered their price objective on shares of Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines presently has a consensus rating of “Buy” and an average target price of $53.45.

Revolution Medicines Stock Down 6.1 %

The firm has a market capitalization of $7.03 billion, a PE ratio of -11.50 and a beta of 1.43. The company’s 50-day simple moving average is $43.98 and its 200 day simple moving average is $39.24.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter in the prior year, the business posted ($0.92) EPS. The firm’s quarterly revenue was down 73.8% on a year-over-year basis. On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -3.47 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the transaction, the insider now owns 311,885 shares in the company, valued at $14,050,419.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total value of $97,951.17. Following the transaction, the general counsel now owns 47,088 shares in the company, valued at approximately $1,922,603.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the completion of the transaction, the insider now owns 311,885 shares in the company, valued at approximately $14,050,419.25. The disclosure for this sale can be found here. Insiders have sold a total of 58,221 shares of company stock worth $2,629,277 over the last 90 days. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in RVMD. Headlands Technologies LLC grew its stake in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after purchasing an additional 885 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $104,000. EntryPoint Capital LLC acquired a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $107,000. Nisa Investment Advisors LLC lifted 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, Natixis purchased a new position in shares of Revolution Medicines during the 1st quarter valued at approximately $196,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.