Revolution Medicines (NASDAQ:RVMD) Shares Down 3.8%

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price fell 3.8% during mid-day trading on Tuesday . The stock traded as low as $42.84 and last traded at $42.85. 411,063 shares traded hands during trading, a decline of 69% from the average session volume of 1,326,427 shares. The stock had previously closed at $44.54.

Analysts Set New Price Targets

Several brokerages have issued reports on RVMD. Bank of America increased their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Oppenheimer raised their price target on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Barclays raised their price target on shares of Revolution Medicines from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. HC Wainwright restated a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a report on Monday, August 12th. Finally, Jefferies Financial Group started coverage on shares of Revolution Medicines in a report on Monday, July 8th. They issued a “buy” rating and a $63.00 price target on the stock. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Revolution Medicines has an average rating of “Buy” and an average target price of $52.92.

Revolution Medicines Stock Performance

The business’s 50 day moving average is $43.98 and its 200 day moving average is $39.00. The company has a market capitalization of $7.62 billion, a price-to-earnings ratio of -12.31 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. During the same period in the previous year, the company earned ($0.92) earnings per share. The company’s revenue was down 73.8% compared to the same quarter last year. Sell-side analysts predict that Revolution Medicines, Inc. will post -3.47 EPS for the current year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $45.88, for a total transaction of $458,800.00. Following the completion of the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at approximately $14,309,283.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Stephen Michael Kelsey sold 16,667 shares of Revolution Medicines stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $46.47, for a total transaction of $774,515.49. Following the completion of the transaction, the insider now directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $45.88, for a total transaction of $458,800.00. Following the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at $14,309,283.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,421 shares of company stock valued at $2,637,077. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors have recently made changes to their positions in RVMD. Headlands Technologies LLC increased its holdings in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after purchasing an additional 885 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Revolution Medicines in the 1st quarter worth $104,000. EntryPoint Capital LLC purchased a new stake in Revolution Medicines in the 1st quarter worth $107,000. Nisa Investment Advisors LLC increased its holdings in Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after acquiring an additional 320 shares in the last quarter. Finally, Natixis purchased a new stake in Revolution Medicines in the 1st quarter worth $196,000. 94.34% of the stock is owned by hedge funds and other 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.