Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $60.00

Revolution Medicines (NASDAQ:RVMD) had its price target lifted by Oppenheimer from $55.00 to $60.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

RVMD has been the subject of a number of other research reports. Needham & Company LLC restated a “buy” rating and issued a $61.00 price objective on shares of Revolution Medicines in a research report on Thursday, October 24th. Barclays upped their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Wedbush restated an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research report on Thursday, August 8th. Bank of America upped their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Finally, Jefferies Financial Group started coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective for the company. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $56.75.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $50.50 on Monday. The firm has a fifty day moving average of $45.59 and a two-hundred day moving average of $42.18. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of -13.47 and a beta of 1.43. Revolution Medicines has a 52 week low of $18.00 and a 52 week high of $51.10.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. The business’s revenue was down 73.8% on a year-over-year basis. During the same period last year, the firm earned ($0.92) EPS. As a group, research analysts forecast that Revolution Medicines will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at $13,486,638.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 30,000 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $15,116,561.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,866 shares of company stock valued at $6,355,624. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently modified their holdings of RVMD. Baker BROS. Advisors LP boosted its stake in shares of Revolution Medicines by 46.6% during the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after buying an additional 2,400,592 shares during the last quarter. Farallon Capital Management LLC boosted its stake in shares of Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Revolution Medicines by 77.9% during the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock worth $126,067,000 after buying an additional 1,712,639 shares during the last quarter. Logos Global Management LP acquired a new position in shares of Revolution Medicines during the 2nd quarter worth about $46,572,000. Finally, Hood River Capital Management LLC acquired a new stake in Revolution Medicines in the 2nd quarter valued at about $35,472,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.