Revolution Medicines (NASDAQ:RVMD) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) saw unusually-strong trading volume on Wednesday after HC Wainwright raised their price target on the stock from $64.00 to $72.00. HC Wainwright currently has a buy rating on the stock. Approximately 2,012,988 shares changed hands during mid-day trading, an increase of 49% from the previous session’s volume of 1,354,599 shares.The stock last traded at $48.94 and had previously closed at $48.23.

A number of other equities analysts have also recently commented on the stock. Piper Sandler lifted their price target 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. Barclays upped their target price on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Oppenheimer raised their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Wedbush reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their target price on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday. 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, Revolution Medicines currently has a consensus rating of “Buy” and a consensus price target of $63.67.

Insider Activity

In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at $13,486,638.10. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,866 shares of company stock worth $6,355,624 over the last 90 days. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RVMD. GAMMA Investing LLC lifted its stake in shares of Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after purchasing an additional 222 shares during the period. Quarry LP acquired a new position in shares of Revolution Medicines in the third quarter worth about $82,000. Values First Advisors Inc. purchased a new stake in shares of Revolution Medicines during the 3rd quarter worth about $93,000. KBC Group NV grew its position in shares of Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after acquiring an additional 368 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Trading Down 2.0 %

The company has a market cap of $7.96 billion, a price-to-earnings ratio of -13.18 and a beta of 1.40. The business has a fifty day moving average of $52.29 and a two-hundred day moving average of $45.53.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the previous year, the firm posted ($0.99) earnings per share. On average, research analysts forecast that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

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.