Needham & Company LLC Has Lowered Expectations for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its price objective cut by research analysts at Needham & Company LLC from $60.00 to $59.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 44.82% from the company’s previous close.

RVMD has been the subject of several other research reports. Wedbush reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a report on Monday, December 2nd. JPMorgan Chase & Co. raised their price objective on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Piper Sandler raised their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. HC Wainwright raised their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, UBS Group raised their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Revolution Medicines currently has an average rating of “Buy” and an average target price of $66.23.

Revolution Medicines Stock Up 4.2 %

Shares of RVMD opened at $40.74 on Thursday. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of -11.35 and a beta of 1.45. Revolution Medicines has a 12 month low of $29.00 and a 12 month high of $62.40. The company has a 50-day moving average price of $42.15 and a two-hundred day moving average price of $46.17.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11). Equities research analysts expect that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, COO Margaret A. Horn sold 4,329 shares of Revolution Medicines stock in a transaction on Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $196,536.60. Following the transaction, the chief operating officer now directly owns 127,991 shares of the company’s stock, valued at $5,810,791.40. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jack Anders sold 2,635 shares of Revolution Medicines stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total transaction of $119,629.00. Following the transaction, the chief financial officer now directly owns 96,470 shares in the company, valued at approximately $4,379,738. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,678 shares of company stock valued at $847,981. 8.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 2,185,082 shares in the last quarter. Farallon Capital Management LLC boosted its position in shares of 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 purchasing an additional 1,931,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in Revolution Medicines by 54.5% in the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock valued at $414,777,000 after acquiring an additional 3,346,755 shares in the last quarter. Baker BROS. Advisors LP lifted its position in Revolution Medicines by 4.9% in the 4th quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock valued at $347,163,000 after acquiring an additional 367,882 shares in the last quarter. Finally, Nextech Invest Ltd. lifted its position in Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after acquiring an additional 1,304,347 shares in the last quarter. 94.34% of the stock is 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.