Needham & Company LLC Has Lowered Expectations for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its target price reduced by Needham & Company LLC from $60.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 45.68% from the stock’s previous close.

Several other equities research analysts have also commented on RVMD. Wedbush reissued an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a report on Monday, December 2nd. HC Wainwright lifted their target price on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. UBS Group lifted their target price on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Piper Sandler lifted their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $65.50.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $40.50 on Thursday. The firm has a market cap of $6.81 billion, a PE ratio of -11.28 and a beta of 1.45. The firm has a fifty day moving average of $42.30 and a 200 day moving average of $46.24. Revolution Medicines has a one year low of $29.00 and a one year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.11). On average, equities analysts predict that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, Director Thilo Schroeder bought 1,304,347 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were bought at an average price of $46.00 per share, with a total value of $59,999,962.00. Following the completion of the transaction, the director now directly owns 2,096,612 shares of the company’s stock, valued at $96,444,152. This represents a 164.64 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark A. Goldsmith sold 11,714 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $531,815.60. Following the completion of the transaction, the insider now directly owns 325,056 shares in the company, valued at $14,757,542.40. The trade was a 3.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,678 shares of company stock valued at $847,981 over the last 90 days. 8.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RVMD. Polar Asset Management Partners Inc. increased its stake in Revolution Medicines by 46.0% during the fourth quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company’s stock worth $1,513,000 after purchasing an additional 10,900 shares during the period. Mackenzie Financial Corp increased its stake in Revolution Medicines by 17.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,055 shares of the company’s stock worth $265,000 after purchasing an additional 885 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Revolution Medicines during the fourth quarter worth about $154,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Revolution Medicines by 21.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 262,851 shares of the company’s stock worth $11,497,000 after purchasing an additional 46,825 shares during the period. Finally, Voloridge Investment Management LLC increased its stake in Revolution Medicines by 80.5% during the fourth quarter. Voloridge Investment Management LLC now owns 47,851 shares of the company’s stock worth $2,093,000 after purchasing an additional 21,337 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Company Profile

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.