Needham & Company LLC Reaffirms Buy Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They currently have a $275.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 42.10% from the company’s current price.

Several other research firms also recently issued reports on RVMD. Royal Bank Of Canada raised their price target on shares of Revolution Medicines from $259.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday. Truist Financial boosted their price objective on shares of Revolution Medicines from $239.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, October 7th. Morgan Stanley began coverage on shares of Revolution Medicines in a research note on Thursday, September 10th. They issued an “overweight” rating and a $255.00 price objective on the stock. Guggenheim increased their price objective on Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 28th. Finally, Brookline Capital Markets started coverage on Revolution Medicines in a research report on Monday, September 28th. They set a “buy” rating and a $318.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $234.81.

Revolution Medicines Stock Up 2.7%

NASDAQ RVMD opened at $193.52 on Thursday. The business has a fifty day moving average price of $203.93 and a two-hundred day moving average price of $172.71. 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 has a fifty-two week low of $47.45 and a fifty-two week high of $224.31. The stock has a market capitalization of $41.48 billion, a PE ratio of -21.94 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the prior year, the company earned ($1.31) EPS. Equities analysts expect that Revolution Medicines will post -8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Mark A. Goldsmith sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $209.20, for a total value of $16,736,000.00. Following the completion of the transaction, the insider directly owned 267,330 shares of the company’s stock, valued at $55,925,436. This represents a 23.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $202.36, for a total value of $18,724,573.16. Following the sale, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $59,064,027.36. This represents a 24.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 290,991 shares of company stock valued at $59,422,765. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Revolution Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Burkett Financial Services LLC bought a new position in shares of Revolution Medicines in the third quarter worth approximately $27,000. Contravisory Investment Management Inc. purchased a new position in Revolution Medicines in the 2nd quarter worth approximately $32,000. ABS Investment Management LLC purchased a new position in Revolution Medicines in the 2nd quarter worth approximately $337,104,000. Johnson Financial Group Inc. purchased a new position in Revolution Medicines in the 2nd quarter worth approximately $37,000. Finally, Mather Group LLC. bought a new position in shares of Revolution Medicines in the 3rd quarter worth $41,000. 94.34% of the stock is currently owned by institutional investors.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company’s research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.