Wedbush Lowers Earnings Estimates for Revolution Medicines

Revolution Medicines, Inc. (NASDAQ:RVMD) – Investment analysts at Wedbush dropped their FY2024 earnings estimates for shares of Revolution Medicines in a research note issued to investors on Thursday, November 7th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings per share of ($3.43) for the year, down from their previous forecast of ($3.41). Wedbush currently has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Revolution Medicines’ current full-year earnings is ($3.42) per share. Wedbush also issued estimates for Revolution Medicines’ Q4 2024 earnings at ($0.98) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.01) EPS, Q3 2025 earnings at ($1.04) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.10) EPS, FY2026 earnings at ($4.33) EPS, FY2027 earnings at ($4.20) EPS and FY2028 earnings at ($2.43) EPS.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the previous year, the firm earned ($0.99) EPS.

A number of other brokerages have also commented on RVMD. HC Wainwright upped their target price on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Piper Sandler increased their price objective 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. Oppenheimer raised their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Bank of America upped their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Finally, Needham & Company LLC lifted their price objective on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $61.00.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $59.33 on Monday. The business’s 50-day simple moving average is $47.92 and its two-hundred day simple moving average is $43.45. The company has a market cap of $9.98 billion, a PE ratio of -16.88 and a beta of 1.40. Revolution Medicines has a fifty-two week low of $19.05 and a fifty-two week high of $62.40.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Revolution Medicines by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after purchasing an additional 122,721 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Revolution Medicines in the first quarter valued at about $2,208,000. Price T Rowe Associates Inc. MD raised its position in shares of Revolution Medicines by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after buying an additional 177,957 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Revolution Medicines by 1,109.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock worth $1,750,000 after buying an additional 35,399 shares in the last quarter. Finally, Raymond James & Associates boosted its position in Revolution Medicines by 156.2% during the third quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock worth $8,639,000 after acquiring an additional 116,135 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the sale, the insider now directly owns 300,170 shares in the company, valued at $13,486,638.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the sale, the insider now owns 300,170 shares in the company, valued at $13,486,638.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the transaction, the insider now owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,866 shares of company stock worth $6,355,624. 8.00% of the stock is owned by corporate insiders.

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.