Revolution Medicines (NASDAQ:RVMD) Given New $247.00 Price Target at Morgan Stanley

Revolution Medicines (NASDAQ:RVMD) had its target price lowered by Morgan Stanley from $272.00 to $247.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley‘s target price points to a potential upside of 43.89% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on RVMD. The Goldman Sachs Group started coverage on shares of Revolution Medicines in a research note on Thursday, September 24th. They issued a “buy” rating and a $267.00 price target on the stock. Bank of America decreased their price objective on shares of Revolution Medicines from $265.00 to $264.00 and set a “buy” rating on the stock in a report on Friday, October 9th. Royal Bank Of Canada lifted their target price on shares of Revolution Medicines from $260.00 to $321.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Wall Street Zen raised shares of Revolution Medicines from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, HC Wainwright upped their price target on shares of Revolution Medicines from $280.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $262.75.

Revolution Medicines Stock Down 2.7%

Shares of RVMD stock traded down $4.70 during trading hours on Friday, reaching $171.66. 1,380,810 shares of the company’s stock were exchanged, compared to its average volume of 2,807,833. The stock’s 50 day moving average is $195.24 and its 200-day moving average is $159.06. The company has a market cap of $37.13 billion, a price-to-earnings ratio of -18.81 and a beta of 1.44. The company has a current ratio of 8.36, a quick ratio of 8.34 and a debt-to-equity ratio of 0.44. Revolution Medicines has a fifty-two week low of $63.50 and a fifty-two week high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($1.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.35) by $0.45. The business had revenue of $197.56 million for the quarter, compared to analysts’ expectations of $25.58 million. During the same quarter in the prior year, the company posted ($1.61) EPS. Analysts predict that Revolution Medicines will post -7.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the completion of the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $55,925,436. This represents a 23.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the transaction, the insider directly owned 291,876 shares in the company, valued at approximately $59,064,027.36. This represents a 24.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RVMD. Equitable Holdings Inc. acquired a new stake in Revolution Medicines during the 2nd quarter worth approximately $963,000. State of Wyoming acquired a new position in Revolution Medicines during the second quarter valued at approximately $1,769,000. Handelsbanken Fonder AB lifted its position in Revolution Medicines by 243.6% during the second quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock valued at $39,755,000 after buying an additional 150,500 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Revolution Medicines during the second quarter worth approximately $112,566,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Revolution Medicines in the 2nd quarter valued at $37,547,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Company Profile

Revolution Medicines, Inc. is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company’s research centers on RAS proteins, which can contribute to the growth of many cancers. The company’s pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.