Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Target Price at $54.00

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have earned an average rating of “Buy” from the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $54.00.

A number of research analysts have recently commented on the company. Oppenheimer increased their price objective on Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Bank of America increased their price target on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Wedbush restated an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Barclays raised their target price on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Finally, HC Wainwright reissued a “buy” rating and set a $56.00 target price on shares of Revolution Medicines in a research report on Monday, August 12th.

Revolution Medicines Price Performance

RVMD stock opened at $47.75 on Friday. The firm has a 50 day moving average of $44.92 and a two-hundred day moving average of $41.55. Revolution Medicines has a 12 month low of $15.44 and a 12 month high of $51.00.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same period in the previous year, the company earned ($0.92) EPS. The company’s quarterly revenue was down 73.8% compared to the same quarter last year. Research analysts anticipate that Revolution Medicines will post -3.35 EPS for the current year.

Insider Activity

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the completion of the sale, the chief financial officer now owns 98,932 shares in the company, valued at approximately $4,976,279.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Stephen Michael Kelsey sold 16,666 shares of the company’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 sale, the insider now owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jack Anders sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.30, for a total transaction of $503,000.00. Following the transaction, the chief financial officer now owns 98,932 shares of the company’s stock, valued at approximately $4,976,279.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,866 shares of company stock valued at $6,814,424. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in Revolution Medicines by 1,109.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock valued at $1,750,000 after buying an additional 35,399 shares in the last quarter. Raymond James & Associates raised its stake 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. Vontobel Holding Ltd. bought a new position in shares of Revolution Medicines during the third quarter valued at $246,000. Creative Planning boosted its stake in shares of Revolution Medicines by 40.1% in the 3rd quarter. Creative Planning now owns 37,868 shares of the company’s stock valued at $1,717,000 after purchasing an additional 10,839 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares during the last quarter. 94.34% of the stock is currently owned by 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.