Wedbush Reduces Earnings Estimates for Revolution Medicines

Revolution Medicines, Inc. (NASDAQ:RVMD) – Investment analysts at Wedbush cut their FY2024 earnings per share estimates for Revolution Medicines in a research note issued on Thursday, November 7th. Wedbush analyst R. Driscoll now anticipates that the company will earn ($3.43) per share for the year, down from their previous estimate of ($3.41). Wedbush has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Revolution Medicines’ current full-year earnings is ($3.42) per share. Wedbush also issued estimates for Revolution Medicines’ Q4 2024 earnings at ($0.98) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.01) EPS, Q3 2025 earnings at ($1.04) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.10) EPS, FY2026 earnings at ($4.33) EPS, FY2027 earnings at ($4.20) EPS and FY2028 earnings at ($2.43) EPS.

RVMD has been the topic of several other research reports. Barclays upped their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. HC Wainwright lifted their price objective on shares of Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC raised their target price on shares of Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $61.00.

Revolution Medicines Trading Up 0.3 %

Revolution Medicines stock opened at $60.60 on Monday. The stock has a market cap of $10.19 billion, a P/E ratio of -16.88 and a beta of 1.40. Revolution Medicines has a 52 week low of $19.05 and a 52 week high of $62.40. The stock has a 50 day moving average of $47.56 and a 200-day moving average of $43.27.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period in the prior year, the business posted ($0.99) earnings per share.

Insiders Place Their Bets

In other news, Director Barbara Weber sold 5,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares in the company, valued at $627,381.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Revolution Medicines news, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the sale, the chief operating officer now directly owns 132,320 shares in the company, valued at $6,660,988.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the transaction, the director now directly owns 13,065 shares of the company’s stock, valued at $627,381.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock valued at $6,355,624 over the last quarter. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Revolution Medicines by 0.8% in the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after purchasing an additional 122,721 shares during the period. Seven Eight Capital LP bought a new position in shares of Revolution Medicines during the 1st quarter worth approximately $2,208,000. Price T Rowe Associates Inc. MD increased its stake in Revolution Medicines by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after buying an additional 177,957 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Revolution Medicines by 1,109.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock worth $1,750,000 after acquiring an additional 35,399 shares in the last quarter. Finally, Raymond James & Associates raised its position in Revolution Medicines by 156.2% during the third quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock worth $8,639,000 after acquiring an additional 116,135 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.