Revolution Medicines’ (RVMD) “Outperform” Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a $67.00 target price on the stock.

Other analysts have also issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $59.00 price target on shares of Revolution Medicines in a report on Tuesday, April 8th. UBS Group boosted their price target on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright boosted their price target on Revolution Medicines from $72.00 to $73.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Finally, Stifel Nicolaus lowered their price target on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $66.67.

Revolution Medicines Stock Performance

RVMD opened at $40.38 on Monday. The stock has a market cap of $7.51 billion, a price-to-earnings ratio of -11.25 and a beta of 1.37. The stock’s 50 day moving average price is $37.36 and its 200-day moving average price is $43.90. Revolution Medicines has a one year low of $29.17 and a one year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11). As a group, analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 11,738 shares of Revolution Medicines stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the transaction, the insider now owns 441,564 shares in the company, valued at $17,238,658.56. The trade was a 2.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jack Anders sold 1,864 shares of Revolution Medicines stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the transaction, the chief financial officer now owns 115,006 shares in the company, valued at $4,489,834.24. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,660 shares of company stock worth $650,406 over the last quarter. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of large investors have recently modified their holdings of the business. Cerity Partners LLC grew its stake in shares of Revolution Medicines by 59.1% during the first quarter. Cerity Partners LLC now owns 9,069 shares of the company’s stock worth $321,000 after acquiring an additional 3,370 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Revolution Medicines by 45.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 89,962 shares of the company’s stock worth $3,181,000 after acquiring an additional 27,982 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Revolution Medicines by 2.4% during the first quarter. Bank of New York Mellon Corp now owns 582,721 shares of the company’s stock worth $20,605,000 after acquiring an additional 13,706 shares during the last quarter. GF Fund Management CO. LTD. grew its stake in shares of Revolution Medicines by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 4,307 shares of the company’s stock worth $152,000 after acquiring an additional 775 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Revolution Medicines by 2.1% during the first quarter. Principal Financial Group Inc. now owns 12,792 shares of the company’s stock worth $452,000 after acquiring an additional 259 shares during the last quarter. Hedge funds and other 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.