UBS Group Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $71.00

Revolution Medicines (NASDAQ:RVMD) had its price target raised by UBS Group from $65.00 to $71.00 in a research report sent to investors on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Wedbush reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. Barclays boosted their price target on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Guggenheim boosted their target price on Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Oppenheimer lifted their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $68.00 price objective on shares of Revolution Medicines in a research note on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $66.25.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $41.78 on Wednesday. The stock has a market capitalization of $7.03 billion, a P/E ratio of -11.64 and a beta of 1.46. Revolution Medicines has a 12-month low of $25.93 and a 12-month high of $62.40. The firm’s 50-day moving average is $50.18 and its two-hundred day moving average is $46.56.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the prior year, the business posted ($0.99) earnings per share. As a group, analysts forecast that Revolution Medicines will post -3.5 EPS for the current year.

Insider Activity

In related news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction on 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 owns 264,408 shares in the company, valued at $13,085,551.92. This trade represents a 5.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jack Anders sold 2,635 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total transaction of $119,629.00. Following the completion of the sale, the chief financial officer now directly owns 96,470 shares in the company, valued at approximately $4,379,738. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,344 shares of company stock valued at $1,672,782 over the last three months. Corporate insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Everence Capital Management Inc. purchased a new stake in shares of Revolution Medicines during the fourth quarter worth about $203,000. Lord Abbett & CO. LLC purchased a new stake in Revolution Medicines during the 3rd quarter valued at $83,082,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Revolution Medicines during the 3rd quarter worth about $801,000. Geode Capital Management LLC lifted its position in shares of Revolution Medicines by 8.7% during the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after purchasing an additional 291,369 shares during the last quarter. Finally, Barclays PLC grew its stake in Revolution Medicines by 187.1% in the third quarter. Barclays PLC now owns 294,664 shares of the company’s stock worth $13,362,000 after purchasing an additional 192,021 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.