Revolution Medicines (NASDAQ:RVMD) Shares Gap Up on Insider Buying Activity

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $47.04, but opened at $48.91. Revolution Medicines shares last traded at $48.22, with a volume of 112,013 shares changing hands.

Specifically, Director Thilo Schroeder acquired 1,304,347 shares of Revolution Medicines stock in a transaction dated Thursday, December 5th. The stock was acquired at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the transaction, the director now owns 2,096,612 shares of the company’s stock, valued at $96,444,152. This represents a 164.64 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $70.00 target price on shares of Revolution Medicines in a research report on Monday, December 2nd. JPMorgan Chase & Co. upped their price target on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Oppenheimer lifted their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Piper Sandler boosted their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $68.00 price objective on shares of Revolution Medicines in a research report on Tuesday, December 3rd. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $63.67.

Revolution Medicines Stock Up 0.5 %

The company has a market cap of $7.96 billion, a PE ratio of -13.28 and a beta of 1.40. The firm’s fifty day simple moving average is $52.40 and its 200-day simple moving average is $45.73.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data 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 quarter last year, the firm posted ($0.99) earnings per share. On average, analysts predict that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Institutional Trading of Revolution Medicines

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after buying an additional 222 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Revolution Medicines by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the period. Captrust Financial Advisors increased its holdings in Revolution Medicines by 4.1% in the 3rd quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock valued at $384,000 after purchasing an additional 337 shares in the last quarter. Amalgamated Bank raised its position in Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares during the period. Finally, KBC Group NV boosted its position in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after buying an additional 368 shares during the period. Institutional investors and hedge funds 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.