Revolution Medicines (NASDAQ:RVMD) Shares Gap Up on Insider Buying Activity

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $47.04, but opened at $48.91. Revolution Medicines shares last traded at $48.22, with a volume of 112,013 shares trading hands.

Specifically, Director Thilo Schroeder bought 1,304,347 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average cost of $46.00 per share, with a total value of $59,999,962.00. Following the completion of the transaction, the director now owns 2,096,612 shares of the company’s stock, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RVMD. Oppenheimer lifted their price target on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. JPMorgan Chase & Co. raised their price target on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Guggenheim increased their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Piper Sandler boosted their price target on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Wedbush reissued an “outperform” rating and set a $70.00 price target on shares of Revolution Medicines in a research note on Monday, December 2nd. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and an average target price of $63.67.

Revolution Medicines Price Performance

The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of -13.28 and a beta of 1.40. The business has a fifty day moving average price of $52.40 and a two-hundred day moving average price of $45.73.

Revolution Medicines (NASDAQ:RVMD) last issued 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 period last year, the business earned ($0.99) EPS. On average, research analysts predict that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently made changes to their positions in the stock. Farallon Capital Management LLC lifted its position in shares of Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares in the last quarter. 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 in the last quarter. FMR LLC increased its position in shares of Revolution Medicines by 4.4% during 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 period. State Street Corp boosted its holdings in Revolution Medicines by 4.1% in the third quarter. State Street Corp now owns 5,279,584 shares of the company’s stock valued at $239,429,000 after purchasing an additional 208,516 shares during the period. Finally, Geode Capital Management LLC raised its position in Revolution Medicines by 8.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock valued at $164,517,000 after purchasing an additional 291,369 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other 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.