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

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by UBS Group from $65.00 to $71.00 in a research note published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other analysts have also recently commented on RVMD. HC Wainwright increased their price target on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. 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. JPMorgan Chase & Co. lifted their target price on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Piper Sandler raised their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Wedbush reiterated an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research report on Monday, December 2nd. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Revolution Medicines has an average rating of “Buy” and a consensus target price of $66.25.

Revolution Medicines Price Performance

NASDAQ RVMD opened at $44.42 on Wednesday. Revolution Medicines has a one year low of $25.93 and a one year high of $62.40. The stock’s 50-day moving average is $50.63 and its 200-day moving average is $46.55. The firm has a market cap of $7.47 billion, a P/E ratio of -12.37 and a beta of 1.46.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the previous year, the business earned ($0.99) earnings per share. Equities analysts anticipate that Revolution Medicines will post -3.5 EPS for the current year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Mark A. Goldsmith sold 11,714 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $531,815.60. Following the completion of the transaction, the insider now owns 325,056 shares of the company’s stock, valued at $14,757,542.40. This represents a 3.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Margaret A. Horn sold 4,329 shares of Revolution Medicines stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $196,536.60. Following the sale, the chief operating officer now directly owns 127,991 shares in the company, valued at $5,810,791.40. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,344 shares of company stock valued at $6,504,602. 8.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Revolution Medicines

Several institutional investors have recently modified their holdings of the business. Farallon Capital Management LLC lifted its holdings in Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the period. Lord Abbett & CO. LLC acquired a new position in shares of Revolution Medicines in the third quarter worth approximately $83,082,000. Janus Henderson Group PLC boosted its holdings in Revolution Medicines by 32.3% in the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock valued at $278,280,000 after acquiring an additional 1,497,026 shares during the last quarter. Logos Global Management LP bought a new position in Revolution Medicines during the 2nd quarter worth approximately $46,572,000. Finally, Hood River Capital Management LLC bought a new position in Revolution Medicines during the second quarter worth $35,472,000. Institutional investors 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.