Revolution Medicines (NASDAQ:RVMD) Sets New 12-Month High on Analyst Upgrade

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price hit a new 52-week high during mid-day trading on Monday after Needham & Company LLC raised their price target on the stock from $183.00 to $235.00. Needham & Company LLC currently has a buy rating on the stock. Revolution Medicines traded as high as $188.00 and last traded at $185.8560, with a volume of 1038196 shares trading hands. The stock had previously closed at $182.08.

Several other equities analysts also recently weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating on shares of Revolution Medicines in a report on Monday, April 20th. HC Wainwright lifted their target price on shares of Revolution Medicines from $169.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Wedbush reaffirmed an “outperform” rating on shares of Revolution Medicines in a report on Monday, June 1st. Jefferies Financial Group started coverage on Revolution Medicines in a research note on Monday, March 16th. They issued a “buy” rating for the company. Finally, Oppenheimer raised their price target on Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $132.78.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total transaction of $4,739,552.00. Following the transaction, the chief operating officer directly owned 154,647 shares of the company’s stock, valued at $24,762,077.64. The trade was a 16.07% 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. In the last three months, insiders have sold 246,917 shares of company stock worth $38,432,302. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds have recently made changes to their positions in RVMD. Indiana Trust & Investment Management Co purchased a new position in Revolution Medicines during the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC boosted its position in shares of Revolution Medicines by 1,002.8% during the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock valued at $32,000 after acquiring an additional 361 shares during the last quarter. Torren Management LLC purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $33,000. Arax Advisory Partners purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $38,000. Finally, Darwin Wealth Management LLC bought a new stake in Revolution Medicines in the fourth quarter worth $40,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Price Performance

The company has a market cap of $39.28 billion, a P/E ratio of -26.22 and a beta of 1.40. The firm’s 50-day moving average is $151.78 and its two-hundred day moving average is $116.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period last year, the firm earned ($1.13) EPS. Analysts anticipate that Revolution Medicines, Inc. will post -7.94 earnings per share for the current year.

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.