Revolution Medicines, Inc. (NASDAQ:RVMD) Receives $61.00 Average Price Target from Brokerages

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have been assigned a consensus rating of “Buy” from the twelve research firms that are currently covering the firm, MarketBeat.com reports. Eleven research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $61.00.

RVMD has been the subject of several research analyst reports. Barclays lifted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. upped their price objective on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. HC Wainwright raised their target price on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Oppenheimer increased their target price on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Finally, Piper Sandler boosted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th.

Revolution Medicines Stock Performance

RVMD stock opened at $55.13 on Wednesday. Revolution Medicines has a 52-week low of $20.51 and a 52-week high of $62.40. The company has a market capitalization of $9.27 billion, a P/E ratio of -15.63 and a beta of 1.40. The company has a fifty day moving average price of $48.87 and a 200-day moving average price of $43.81.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter last year, the business earned ($0.99) EPS. As a group, sell-side analysts forecast that Revolution Medicines will post -3.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 30,000 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $50.36, for a total value of $1,510,800.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at $15,116,561.20. This represents a 9.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of the 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 transaction, the insider now directly owns 264,408 shares in the company, valued at approximately $13,085,551.92. This represents a 5.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock valued at $6,355,624 in the last quarter. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in 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 during the last quarter. Captrust Financial Advisors boosted its position in Revolution Medicines by 4.1% during the 3rd quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock valued at $384,000 after buying an additional 337 shares during the period. Amalgamated Bank grew its holdings in Revolution Medicines by 7.4% in the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock worth $205,000 after acquiring an additional 365 shares during the last quarter. Finally, KBC Group NV increased its position in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after acquiring an additional 368 shares during the period. 94.34% of the stock is currently owned by institutional investors.

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.