Revolution Medicines (NASDAQ:RVMD) Given “Outperform” Rating at Wedbush

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report issued on Monday,RTT News reports. They currently have a $70.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 45.14% from the stock’s previous close.

A number of other research firms also recently commented on RVMD. Oppenheimer upped their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. HC Wainwright raised their price objective on Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Guggenheim boosted their target price on Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. raised their price target on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Barclays boosted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $63.00.

Revolution Medicines Trading Down 6.9 %

Shares of NASDAQ:RVMD opened at $48.23 on Monday. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -13.43 and a beta of 1.40. The stock’s 50-day moving average price is $52.15 and its two-hundred day moving average price is $45.50. Revolution Medicines has a 12-month low of $23.38 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period last year, the business earned ($0.99) EPS. As a group, research analysts forecast that Revolution Medicines will post -3.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now directly owns 264,408 shares in the company, valued at $13,085,551.92. The trade was a 5.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This trade represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 in the last quarter. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. 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. Janus Henderson Group PLC lifted its holdings in Revolution Medicines by 32.3% during the 3rd quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock worth $278,280,000 after buying an additional 1,497,026 shares during the last quarter. FMR LLC grew its position in shares of Revolution Medicines by 4.4% in the 3rd quarter. FMR LLC now owns 5,875,893 shares of the company’s stock worth $266,472,000 after acquiring an additional 250,037 shares in the last quarter. State Street Corp grew its position in shares of Revolution Medicines by 4.1% in the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after acquiring an additional 208,516 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Revolution Medicines by 8.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock valued at $164,517,000 after acquiring an additional 291,369 shares during the last quarter. Institutional investors own 94.34% of the company’s stock.

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.