Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Guggenheim Analyst Says

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by Guggenheim from $82.00 to $87.00 in a report published on Tuesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a research report on Monday. Barclays increased their price target on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Needham & Company LLC restated a “buy” rating and issued a $68.00 price objective on shares of Revolution Medicines in a research report on Tuesday. Piper Sandler increased their target price on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, Oppenheimer boosted their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $63.00.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $48.23 on Tuesday. The stock has a market cap of $8.11 billion, a P/E ratio of -13.43 and a beta of 1.40. The stock’s fifty day moving average is $52.15 and its 200 day moving average is $45.50. Revolution Medicines has a one year low of $23.38 and a one year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period in the previous year, the company earned ($0.99) earnings per share. Analysts predict that Revolution Medicines will post -3.51 EPS for the current year.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 30,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the sale, the insider now directly owns 300,170 shares in the company, valued at approximately $15,116,561.20. This represents a 9.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Margaret A. Horn sold 50,000 shares of Revolution Medicines stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the completion of the transaction, the chief operating officer now owns 132,320 shares of the company’s stock, valued at approximately $6,660,988.80. This represents a 27.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of Revolution Medicines

Institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in Revolution Medicines during the third quarter valued at $801,000. Geode Capital Management LLC boosted its stake in shares of Revolution Medicines by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after purchasing an additional 291,369 shares during the period. Barclays PLC grew its holdings in Revolution Medicines by 187.1% during the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock valued at $13,362,000 after purchasing an additional 192,021 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Revolution Medicines in the 3rd quarter worth about $247,000. Finally, State Street Corp lifted its stake in Revolution Medicines by 4.1% in the third quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after purchasing an additional 208,516 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors.

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.