Revolution Medicines (NASDAQ:RVMD) Given Buy Rating at Truist Financial

Truist Financial restated their buy rating on shares of Revolution Medicines (NASDAQ:RVMD) in a report issued on Thursday,Benzinga reports. Truist Financial currently has a $261.00 price objective on the stock, up from their prior price objective of $241.00.

Several other equities research analysts have also recently issued reports on RVMD. UBS Group boosted their price target on Revolution Medicines from $220.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Needham & Company LLC restated a “buy” rating and set a $275.00 price objective on shares of Revolution Medicines in a research note on Thursday, October 15th. Stifel Nicolaus lifted their price objective on Revolution Medicines from $215.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, September 9th. TD Cowen reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Revolution Medicines in a report on Wednesday, October 21st. Finally, Wolfe Research reiterated an “outperform” rating and set a $220.00 target price on shares of Revolution Medicines in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $259.65.

Revolution Medicines Trading Down 11.0%

Shares of Revolution Medicines stock opened at $177.65 on Thursday. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a twelve month low of $58.91 and a twelve month high of $224.31. The company has a 50-day simple moving average of $197.46 and a two-hundred day simple moving average of $157.18.

Revolution Medicines (NASDAQ:RVMD) last announced its 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 analyst estimates of $25.58 million. During the same quarter in the previous year, the company earned ($1.61) EPS. Equities research analysts predict that Revolution Medicines will post -8.94 EPS for the current year.

Insider Transactions at Revolution Medicines

In other news, insider Alan B. Sandler sold 6,309 shares of the business’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $202.14, for a total transaction of $1,275,301.26. Following the completion of the transaction, the insider owned 52,559 shares of the company’s stock, valued at approximately $10,624,276.26. The trade was a 10.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jack Anders sold 4,053 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the sale, the chief financial officer owned 119,216 shares of the company’s stock, valued at approximately $23,752,595.84. This represents a 3.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Bluestem Financial Advisors LLC boosted its stake in shares of Revolution Medicines by 4.8% in the 3rd quarter. Bluestem Financial Advisors LLC now owns 1,256 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Revolution Medicines by 8.7% during the 3rd quarter. IFP Advisors Inc now owns 810 shares of the company’s stock valued at $166,000 after purchasing an additional 65 shares during the last quarter. Brighton Jones LLC increased its position in Revolution Medicines by 2.9% during the 3rd quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock worth $732,000 after purchasing an additional 99 shares in the last quarter. TD Waterhouse Canada Inc. increased its position in Revolution Medicines by 37.0% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 370 shares of the company’s stock worth $76,000 after purchasing an additional 100 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its position in Revolution Medicines by 3.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company’s stock worth $401,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Key Headlines Impacting Revolution Medicines

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: RASONQUE generated about $197.6 million in net product revenue during its first five weeks on the U.S. market, far exceeding revenue estimates. The drug received FDA approval for certain patients with metastatic pancreatic cancer, and European regulators issued a positive recommendation for authorization. Company Q3 results and update
• Positive Sentiment: Analysts raised their targets and maintained bullish ratings after the results. RBC raised its target to $321, Guggenheim to $298, TD Cowen to $270, Truist to $261, and Piper Sandler to $222. RBC price-target update
• Neutral Sentiment: Quarterly revenue and adjusted loss per share both beat consensus estimates. However, the company’s loss per share was wider than a year earlier, and the quarter’s revenue largely reflects the initial launch period. Q3 results
• Negative Sentiment: Commentary cited RVMD’s roughly $40 billion valuation and high investor expectations as potential limits on further upside until RASONQUE demonstrates sustained commercial traction or the pipeline delivers pivotal data. That may help explain why shares fell despite the strong launch and analyst upgrades. Q3 earnings and valuation commentary

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.