Wedbush Increases Revolution Medicines (NASDAQ:RVMD) Price Target to $80.00

Revolution Medicines (NASDAQ:RVMD) had its price objective hoisted by equities research analysts at Wedbush from $77.00 to $80.00 in a research report issued on Thursday, MarketBeat reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 31.13% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. National Bankshares set a $80.00 target price on shares of Revolution Medicines in a research note on Friday, October 17th. Needham & Company LLC boosted their price objective on Revolution Medicines from $56.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, September 11th. Mizuho initiated coverage on Revolution Medicines in a report on Tuesday, October 21st. They set an “outperform” rating and a $90.00 target price on the stock. Raymond James Financial lifted their target price on Revolution Medicines from $72.00 to $76.00 and gave the stock a “strong-buy” rating in a research report on Friday, October 17th. Finally, Truist Financial started coverage on Revolution Medicines in a report on Friday, September 5th. They issued a “buy” rating and a $99.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $78.71.

Revolution Medicines Stock Down 0.6%

RVMD stock opened at $61.01 on Thursday. Revolution Medicines has a twelve month low of $29.17 and a twelve month high of $63.15. The company has a current ratio of 8.05, a quick ratio of 11.79 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $11.79 billion, a P/E ratio of -11.80 and a beta of 1.25. The firm has a 50 day simple moving average of $48.63 and a 200-day simple moving average of $41.98.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.22). During the same quarter in the previous year, the business earned ($0.94) EPS. On average, equities research analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In other news, CFO Jack Anders sold 5,238 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the transaction, the chief financial officer owned 113,314 shares in the company, valued at approximately $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 4,775 shares of Revolution Medicines stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total transaction of $218,790.50. Following the completion of the sale, the chief operating officer owned 145,900 shares in the company, valued at approximately $6,685,138. This represents a 3.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 188,033 shares of company stock valued at $8,456,208. 8.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently made changes to their positions in the company. CWM LLC boosted its position in shares of Revolution Medicines by 171.3% during the second quarter. CWM LLC now owns 917 shares of the company’s stock worth $34,000 after buying an additional 579 shares during the period. GAMMA Investing LLC lifted its holdings in Revolution Medicines by 45.1% in the third quarter. GAMMA Investing LLC now owns 837 shares of the company’s stock worth $39,000 after purchasing an additional 260 shares during the period. Banque Transatlantique SA bought a new position in Revolution Medicines in the 1st quarter valued at about $42,000. Quarry LP acquired a new position in Revolution Medicines during the 1st quarter valued at about $50,000. Finally, Twin Tree Management LP acquired a new position in Revolution Medicines during the 1st quarter valued at about $58,000. Institutional investors and hedge funds 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.