Revolution Medicines’ (RVMD) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Revolution Medicines (NASDAQ:RVMD) in a report released on Thursday morning,Benzinga reports. The brokerage currently has a $275.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley initiated coverage on Revolution Medicines in a report on Thursday, September 10th. They issued an “overweight” rating and a $255.00 price target on the stock. Stifel Nicolaus boosted their price objective on Revolution Medicines from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, September 9th. Guggenheim upped their target price on shares of Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Finally, Royal Bank Of Canada raised their target price on shares of Revolution Medicines from $259.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $242.55.

Revolution Medicines Stock Down 6.0%

Shares of RVMD opened at $177.96 on Thursday. The firm has a market capitalization of $38.14 billion, a price-to-earnings ratio of -20.18 and a beta of 1.40. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The business’s fifty day moving average price is $203.22 and its two-hundred day moving average price is $173.42. Revolution Medicines has a 52 week low of $52.40 and a 52 week high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the prior year, the business earned ($1.31) earnings per share. On average, analysts predict that Revolution Medicines will post -8.93 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other news, CFO Jack Anders sold 4,053 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the transaction, the chief financial officer directly owned 119,216 shares in the company, valued at $23,752,595.84. This trade represents a 3.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 4,967 shares of Revolution Medicines stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the sale, the chief operating officer directly owned 149,680 shares of the company’s stock, valued at approximately $29,822,243.20. This trade represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds have recently added to or reduced their stakes in RVMD. Alphabet Inc. acquired a new position in shares of Revolution Medicines during the second quarter worth about $551,843,000. Avoro Capital Advisors LLC acquired a new position in Revolution Medicines during the fourth quarter worth $172,840,000. Assenagon Asset Management S.A. increased its holdings in Revolution Medicines by 987.9% during the third quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock worth $447,710,000 after buying an additional 1,980,699 shares during the last quarter. Bank of America Corp DE bought a new stake in Revolution Medicines during the second quarter worth $184,267,000. Finally, Janus Henderson Group PLC raised its position in Revolution Medicines by 8.3% during the fourth quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock worth $980,036,000 after acquiring an additional 947,448 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company’s research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.