Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $71.00

Revolution Medicines (NASDAQ:RVMD) had its price objective hoisted by JPMorgan Chase & Co. from $63.00 to $71.00 in a research note released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

RVMD has been the subject of a number of other research reports. HC Wainwright lifted their price objective on 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 lifted their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Barclays raised their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Guggenheim lifted their target price on shares of Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, 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 report on Monday, October 28th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $63.67.

Revolution Medicines Price Performance

NASDAQ RVMD opened at $47.30 on Tuesday. The stock’s fifty day moving average price is $52.29 and its 200 day moving average price is $45.53. Revolution Medicines has a 1 year low of $23.51 and a 1 year high of $62.40. The company has a market cap of $7.96 billion, a price-to-earnings ratio of -13.18 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data 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 quarter last year, the firm earned ($0.99) EPS. Research analysts expect that Revolution Medicines will post -3.51 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $49.49, for a total value of $824,800.34. Following the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This trade represents a 5.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Barbara Weber sold 5,200 shares of the company’s 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 sale, the director now directly owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 over the last ninety days. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after buying an additional 222 shares during the last quarter. Quarry LP purchased a new stake in shares of Revolution Medicines in the third quarter valued at about $82,000. Values First Advisors Inc. acquired a new stake in Revolution Medicines during the third quarter worth about $93,000. KBC Group NV raised its stake in Revolution Medicines by 12.9% during the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares during the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

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.