Needham & Company LLC Reiterates “Buy” Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $46.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 20.07% from the company’s previous close.

Several other research firms have also recently commented on RVMD. Raymond James raised Revolution Medicines from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $36.00 to $48.00 in a report on Wednesday, April 10th. Oppenheimer raised their target price on Revolution Medicines from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, April 12th. Wedbush upped their price target on shares of Revolution Medicines from $41.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 27th. Finally, Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, March 11th. They issued an “overweight” rating and a $43.00 price objective for the company. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Buy” and an average price target of $41.20.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $38.31 on Thursday. Revolution Medicines has a one year low of $15.44 and a one year high of $40.21. The company has a market cap of $6.53 billion, a P/E ratio of -10.16 and a beta of 1.46. The firm has a fifty day moving average of $33.59 and a two-hundred day moving average of $28.45.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The company had revenue of $0.74 million for the quarter, compared to analysts’ expectations of $1.20 million. The firm’s quarterly revenue was down 95.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.63) earnings per share. As a group, equities analysts predict that Revolution Medicines will post -3.18 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, General Counsel Jeff Cislini sold 1,252 shares of Revolution Medicines stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $39,538.16. Following the completion of the transaction, the general counsel now owns 55,874 shares in the company, valued at $1,764,500.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Jack Anders sold 10,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $40.03, for a total value of $400,300.00. Following the completion of the transaction, the chief financial officer now owns 101,959 shares of the company’s stock, valued at approximately $4,081,418.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Jeff Cislini sold 1,252 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $39,538.16. Following the sale, the general counsel now directly owns 55,874 shares in the company, valued at $1,764,500.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,705 shares of company stock valued at $1,031,049. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently modified their holdings of RVMD. Amalgamated Bank raised its holdings in Revolution Medicines by 5.3% in the 3rd quarter. Amalgamated Bank now owns 15,587 shares of the company’s stock valued at $431,000 after acquiring an additional 787 shares during the last quarter. Headlands Technologies LLC increased its stake in Revolution Medicines by 140.9% in the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after purchasing an additional 885 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Revolution Medicines by 4.8% during the third quarter. Teacher Retirement System of Texas now owns 21,137 shares of the company’s stock worth $585,000 after buying an additional 973 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Revolution Medicines by 101.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,802 shares of the company’s stock worth $78,000 after buying an additional 1,409 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Revolution Medicines by 1.1% in the 3rd quarter. Swiss National Bank now owns 163,600 shares of the company’s stock valued at $4,528,000 after buying an additional 1,800 shares during the period. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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.