Revolution Medicines (NASDAQ:RVMD) Earns “Outperform” Rating from Wedbush

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a note issued to investors on Monday,RTT News reports. They presently have a $70.00 target price on the stock. Wedbush’s target price points to a potential upside of 45.14% from the company’s current price.

Other research analysts have also issued reports about the stock. Oppenheimer lifted their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. boosted their price target on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their price objective on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. HC Wainwright lifted their target price on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Barclays upped their price target on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $63.00.

Revolution Medicines Stock Performance

RVMD opened at $48.23 on Monday. Revolution Medicines has a one year low of $23.38 and a one year high of $62.40. The stock has a market capitalization of $8.11 billion, a P/E ratio of -13.43 and a beta of 1.40. The business’s 50-day simple moving average is $52.15 and its 200-day simple moving average is $45.50.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period in the prior year, the business earned ($0.99) earnings per share. On average, equities research analysts forecast that Revolution Medicines will post -3.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, insider Mark A. Goldsmith sold 30,000 shares of Revolution Medicines stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at approximately $15,116,561.20. The trade was a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Margaret A. Horn sold 50,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the completion of the sale, the chief operating officer now owns 132,320 shares in the company, valued at $6,660,988.80. This represents a 27.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,866 shares of company stock valued at $6,355,624. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after acquiring an additional 222 shares in the last quarter. Quarry LP acquired a new stake in shares of Revolution Medicines during the 3rd quarter worth about $82,000. Values First Advisors Inc. acquired a new stake in shares of Revolution Medicines during the 3rd quarter worth about $93,000. Nisa Investment Advisors LLC grew its holdings in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 320 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after buying an additional 368 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

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.