Revolution Medicines (NASDAQ:RVMD) Issues Quarterly Earnings Results

Revolution Medicines (NASDAQ:RVMD) posted its earnings results on Wednesday. The company reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22), Zacks reports. During the same quarter in the prior year, the company posted ($0.94) earnings per share.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD traded down $1.46 during trading hours on Friday, hitting $59.92. 745,111 shares of the company’s stock traded hands, compared to its average volume of 1,942,726. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. The company’s fifty day simple moving average is $48.17 and its two-hundred day simple moving average is $41.81. Revolution Medicines has a 52 week low of $29.17 and a 52 week high of $63.15. The company has a market cap of $11.20 billion, a price-to-earnings ratio of -11.58 and a beta of 1.25.

Insider Activity

In other Revolution Medicines news, insider Lin Wei sold 2,160 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total value of $98,971.20. Following the transaction, the insider owned 88,339 shares in the company, valued at approximately $4,047,692.98. The trade was a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Michael Kelsey sold 25,000 shares of the company’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $48.54, for a total value of $1,213,500.00. Following the completion of the transaction, the insider directly owned 284,047 shares in the company, valued at $13,787,641.38. This represents a 8.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 188,033 shares of company stock valued at $8,456,208 in the last ninety days. 8.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nextech Invest Ltd. grew its position in Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after acquiring an additional 1,304,347 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Revolution Medicines by 329.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 786,017 shares of the company’s stock worth $28,918,000 after purchasing an additional 602,877 shares during the last quarter. Bank of America Corp DE raised its position in shares of Revolution Medicines by 29.1% in the second quarter. Bank of America Corp DE now owns 576,683 shares of the company’s stock valued at $21,216,000 after purchasing an additional 130,121 shares during the period. Squarepoint Ops LLC grew its stake in Revolution Medicines by 265.0% in the 2nd quarter. Squarepoint Ops LLC now owns 338,753 shares of the company’s stock valued at $12,463,000 after buying an additional 245,934 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in Revolution Medicines by 0.7% in the 2nd quarter. California Public Employees Retirement System now owns 214,430 shares of the company’s stock worth $7,889,000 after acquiring an additional 1,515 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RVMD. Royal Bank Of Canada initiated coverage on shares of Revolution Medicines in a research report on Monday. They issued an “outperform” rating and a $77.00 price objective on the stock. Wedbush lifted their price target on Revolution Medicines from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They set an “overweight” rating and a $75.00 price objective for the company. Wells Fargo & Company lifted their target price on Revolution Medicines from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Finally, Lifesci Capital assumed coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an “outperform” rating and a $80.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $78.71.

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.