Revolution Medicines (NASDAQ:RVMD) Trading Up 3.8%

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price was up 3.8% during mid-day trading on Wednesday . The stock traded as high as $46.25 and last traded at $46.08. Approximately 573,386 shares traded hands during trading, a decline of 57% from the average daily volume of 1,336,829 shares. The stock had previously closed at $44.40.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RVMD shares. Jefferies Financial Group started coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Needham & Company LLC dropped their target price on shares of Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Wedbush reiterated an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research report on Thursday, August 8th. Finally, Barclays lifted their target price on shares of Revolution Medicines from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Revolution Medicines presently has a consensus rating of “Buy” and an average price target of $53.45.

Revolution Medicines Stock Performance

The company’s fifty day moving average is $43.87 and its 200-day moving average is $39.40. The company has a market capitalization of $7.56 billion, a PE ratio of -12.23 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. During the same period in the prior year, the business posted ($0.92) earnings per share. Revolution Medicines’s quarterly revenue was down 73.8% on a year-over-year basis. On average, sell-side analysts expect that Revolution Medicines, Inc. will post -3.47 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, Director Sushil Patel sold 2,155 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total transaction of $94,820.00. Following the completion of the sale, the director now directly owns 19,948 shares of the company’s stock, valued at approximately $877,712. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Sushil Patel sold 2,155 shares of the firm’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total value of $94,820.00. Following the completion of the transaction, the director now directly owns 19,948 shares of the company’s stock, valued at $877,712. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $45.88, for a total transaction of $458,800.00. Following the completion of the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at $14,309,283.80. The disclosure for this sale can be found here. Insiders sold a total of 56,221 shares of company stock valued at $2,552,337 in the last three months. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Revolution Medicines by 40.8% in the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after purchasing an additional 4,309,611 shares in the last quarter. Vanguard Group Inc. lifted its position in Revolution Medicines by 0.8% in the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after buying an additional 122,721 shares during the last quarter. Farallon Capital Management LLC lifted its position in shares of Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the last quarter. Baker BROS. Advisors LP lifted its position in shares of Revolution Medicines by 46.6% during the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after purchasing an additional 2,400,592 shares during the last quarter. Finally, BVF Inc. IL grew its stake in Revolution Medicines by 50.2% in the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after purchasing an additional 2,000,000 shares during the last quarter. 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.