Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $72.00

Revolution Medicines (NASDAQ:RVMD) had its target price increased by Needham & Company LLC from $66.00 to $72.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on RVMD. Wells Fargo & Company lifted their price target on shares of Revolution Medicines from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Wedbush increased their target price on shares of Revolution Medicines from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday. National Bankshares set a $80.00 target price on shares of Revolution Medicines in a research report on Friday, October 17th. Piper Sandler initiated coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They set an “overweight” rating and a $75.00 price target for the company. Finally, The Goldman Sachs Group raised their price objective on Revolution Medicines from $65.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $78.71.

Revolution Medicines Price Performance

RVMD opened at $61.01 on Thursday. The company has a current ratio of 8.05, a quick ratio of 11.79 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $11.79 billion, a P/E ratio of -11.80 and a beta of 1.25. The stock has a 50-day moving average price of $48.63 and a 200-day moving average price of $42.02. Revolution Medicines has a 12-month low of $29.17 and a 12-month high of $63.15.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 5th. The company reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22). During the same period in the prior year, the company posted ($0.94) earnings per share. Equities analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jack Anders sold 5,238 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the transaction, the chief financial officer owned 113,314 shares in the company, valued at $4,551,823.38. The trade was a 4.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lin Wei sold 2,160 shares of the stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total value of $98,971.20. Following the completion of the sale, the insider owned 88,339 shares of the company’s stock, valued at approximately $4,047,692.98. This trade represents a 2.39% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 188,033 shares of company stock valued at $8,456,208. 8.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds have recently made changes to their positions in RVMD. Wellington Management Group LLP raised its holdings in shares of Revolution Medicines by 8.9% during the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company’s stock valued at $416,821,000 after acquiring an additional 966,230 shares in the last quarter. Nextech Invest Ltd. increased its position in Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after purchasing an additional 1,304,347 shares during the period. BVF Inc. IL raised its holdings in Revolution Medicines by 19.2% in the 1st quarter. BVF Inc. IL now owns 4,982,384 shares of the company’s stock worth $176,177,000 after purchasing an additional 801,205 shares in the last quarter. Bellevue Group AG lifted its position in shares of Revolution Medicines by 4.7% in the 2nd quarter. Bellevue Group AG now owns 4,579,300 shares of the company’s stock worth $168,472,000 after purchasing an additional 205,000 shares during the period. Finally, Norges Bank purchased a new stake in shares of Revolution Medicines in the 2nd quarter worth about $62,584,000. 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.