Revolution Medicines’ (RVMD) “Buy” Rating Reaffirmed at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $275.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 43.48% from the company’s previous close.

A number of other equities analysts have also weighed in on RVMD. Truist Financial increased their target price on shares of Revolution Medicines from $239.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, October 7th. Royal Bank Of Canada increased their price target on shares of Revolution Medicines from $259.00 to $260.00 and gave the stock an “outperform” rating in a report on Wednesday. Evercore reissued an “outperform” rating and issued a $320.00 price target on shares of Revolution Medicines in a report on Thursday, August 27th. Brookline Capital Markets assumed coverage on shares of Revolution Medicines in a report on Monday, September 28th. They issued a “buy” rating and a $318.00 price target on the stock. Finally, Guggenheim increased their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Revolution Medicines currently has an average rating of “Moderate Buy” and a consensus target price of $234.81.

Revolution Medicines Stock Performance

NASDAQ:RVMD traded down $1.86 on Thursday, reaching $191.67. 251,417 shares of the company’s stock were exchanged, compared to its average volume of 2,850,629. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. The firm has a market cap of $41.08 billion, a price-to-earnings ratio of -21.70 and a beta of 1.40. Revolution Medicines has a 52 week low of $49.05 and a 52 week high of $224.31. The stock has a fifty day simple moving average of $203.93 and a 200-day simple moving average of $172.71.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results 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 period in the previous year, the company posted ($1.31) EPS. As a group, sell-side analysts predict that Revolution Medicines will post -8.93 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 13,988 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $2,786,969.12. Following the sale, the insider directly owned 253,342 shares of the company’s stock, valued at $50,475,860.08. This trade represents a 5.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan B. Sandler sold 6,309 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $202.14, for a total transaction of $1,275,301.26. Following the completion of the sale, the insider directly owned 52,559 shares in the company, valued at $10,624,276.26. This represents a 10.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 290,991 shares of company stock valued at $59,422,765. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Alphabet Inc. purchased a new position in shares of Revolution Medicines during the second quarter worth approximately $551,843,000. Avoro Capital Advisors LLC purchased a new position in shares of Revolution Medicines during the fourth quarter worth approximately $172,840,000. Bank of America Corp DE purchased a new position in shares of Revolution Medicines during the second quarter worth approximately $184,267,000. Janus Henderson Group PLC raised its stake in shares of Revolution Medicines by 8.3% during the fourth quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock worth $980,036,000 after acquiring an additional 947,448 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of Revolution Medicines during the second quarter worth approximately $166,308,000. 94.34% of the stock is owned by hedge funds and other 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.