Revolution Medicines (NASDAQ:RVMD) Reaches New 52-Week High – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD) reached a new 52-week high on Monday . The stock traded as high as $73.90 and last traded at $73.5530, with a volume of 356113 shares changing hands. The stock had previously closed at $70.87.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RVMD shares. Piper Sandler began coverage on Revolution Medicines in a report on Monday, August 18th. They issued an “overweight” rating and a $75.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Revolution Medicines from $71.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Mizuho assumed coverage on shares of Revolution Medicines in a research report on Tuesday, October 21st. They set an “outperform” rating and a $90.00 target price on the stock. National Bankshares set a $80.00 target price on shares of Revolution Medicines in a report on Friday, October 17th. Finally, The Goldman Sachs Group raised their price target on shares of Revolution Medicines from $65.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $78.50.

Revolution Medicines Trading Up 4.0%

The firm has a 50-day moving average of $53.90 and a 200 day moving average of $44.02. The company has a market cap of $14.25 billion, a P/E ratio of -14.26 and a beta of 1.25. The company has a current ratio of 8.05, a quick ratio of 8.05 and a debt-to-equity ratio of 0.16.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, November 5th. The company reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22). During the same period last year, the company posted ($0.94) earnings per share. On average, analysts predict that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 25,000 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $48.54, for a total transaction of $1,213,500.00. Following the transaction, the insider owned 284,047 shares of the company’s stock, valued at $13,787,641.38. This represents a 8.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Margaret A. Horn sold 4,775 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total value of $218,790.50. Following the completion of the sale, the chief operating officer directly owned 145,900 shares of the company’s stock, valued at $6,685,138. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 258,033 shares of company stock valued at $12,974,508. 8.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently modified their holdings of the company. Danske Bank A S bought a new position in shares of Revolution Medicines in the 3rd quarter worth $98,000. TCG Crossover Management LLC acquired a new position in Revolution Medicines during the third quarter worth $20,383,000. Sender Co & Partners Inc. bought a new position in shares of Revolution Medicines in the third quarter valued at $403,000. Prelude Capital Management LLC acquired a new position in shares of Revolution Medicines during the third quarter valued at about $934,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Revolution Medicines by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 54,143 shares of the company’s stock valued at $2,528,000 after buying an additional 336 shares during the last quarter. 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.