Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Price Target at $65.82

Revolution Medicines, Inc. (NASDAQ:RVMD) has earned a consensus rating of “Buy” from the eleven analysts that are currently covering the company, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $65.82.

A number of research analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $68.00 price target on shares of Revolution Medicines in a research report on Tuesday, December 3rd. HC Wainwright increased their price target on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. JPMorgan Chase & Co. raised their target price on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Oppenheimer increased their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th.

Revolution Medicines Price Performance

RVMD stock opened at $44.12 on Thursday. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of -12.29 and a beta of 1.40. The business has a fifty day moving average price of $50.95 and a 200 day moving average price of $46.36. Revolution Medicines has a fifty-two week low of $25.93 and a fifty-two week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued 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 period in the prior year, the business earned ($0.99) earnings per share. On average, equities analysts expect that Revolution Medicines will post -3.5 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jack Anders sold 2,635 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $119,629.00. Following the completion of the sale, the chief financial officer now directly owns 96,470 shares of the company’s stock, valued at approximately $4,379,738. This represents a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thilo Schroeder acquired 1,304,347 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were purchased at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the completion of the transaction, the director now directly owns 2,096,612 shares in the company, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 136,544 shares of company stock worth $6,754,306 over the last 90 days. 8.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB bought a new position in Revolution Medicines during the third quarter valued at approximately $801,000. Citigroup Inc. lifted its stake in Revolution Medicines by 29.5% in the third quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock worth $5,348,000 after purchasing an additional 26,871 shares during the last quarter. State Street Corp grew its stake in shares of Revolution Medicines by 4.1% during the third quarter. State Street Corp now owns 5,279,584 shares of the company’s stock valued at $239,429,000 after buying an additional 208,516 shares during the last quarter. Barclays PLC lifted its stake in shares of Revolution Medicines by 187.1% during the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock worth $13,362,000 after acquiring an additional 192,021 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Revolution Medicines by 58.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock valued at $79,957,000 after acquiring an additional 653,433 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.