Revolution Medicines (NASDAQ:RVMD) Sets New 52-Week High – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $209.98 and last traded at $210.4590, with a volume of 222167 shares trading hands. The stock had previously closed at $203.71.

Analyst Ratings Changes

RVMD has been the topic of several analyst reports. Wedbush lifted their price target on shares of Revolution Medicines from $192.10 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. HC Wainwright reiterated a “buy” rating and set a $195.00 price objective on shares of Revolution Medicines in a report on Monday, July 6th. Evercore reissued an “outperform” rating and issued a $230.00 price objective on shares of Revolution Medicines in a research report on Thursday, August 6th. Needham & Company LLC boosted their target price on Revolution Medicines from $236.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada upped their target price on Revolution Medicines from $182.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $161.79.

Revolution Medicines Trading Up 4.6%

The stock’s fifty day simple moving average is $181.62 and its 200-day simple moving average is $140.79. The firm has a market cap of $45.67 billion, a PE ratio of -24.17 and a beta of 1.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the previous year, the firm earned ($1.31) EPS. On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -8.82 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, Director Sushil Patel sold 5,580 shares of Revolution Medicines stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the completion of the transaction, the director directly owned 21,656 shares in the company, valued at approximately $4,071,111.44. This trade represents a 20.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen Michael Kelsey sold 4,175 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the completion of the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 132,497 shares of company stock valued at $21,470,486 over the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors 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. increased its holdings in Revolution Medicines by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock valued at $1,331,739,000 after buying an additional 1,056,792 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Revolution Medicines by 8.3% during the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock valued at $980,036,000 after acquiring an additional 947,448 shares during the period. Nextech Invest Ltd. increased its stake in shares of 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 purchasing an additional 1,304,347 shares in the last quarter. Paradigm Biocapital Advisors LP raised its holdings in Revolution Medicines by 6.8% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,644,403 shares of the company’s stock worth $529,227,000 after purchasing an additional 421,112 shares during the period. Finally, Bellevue Group AG raised its holdings in Revolution Medicines by 21.7% in the 3rd quarter. Bellevue Group AG now owns 5,573,838 shares of the company’s stock worth $260,298,000 after purchasing an additional 994,538 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.