Revolution Medicines (NASDAQ:RVMD) Stock Rating Reaffirmed by Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $61.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 31.41% from the company’s previous close.

A number of other research analysts also recently commented on RVMD. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 price objective on the stock. Wedbush reiterated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research note on Thursday, August 8th. Oppenheimer boosted their price objective on Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Barclays increased their target price on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Bank of America boosted their price target on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Buy” and an average price target of $54.00.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $46.42 on Thursday. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of -12.38 and a beta of 1.43. Revolution Medicines has a one year low of $18.00 and a one year high of $51.00. The business’s 50-day simple moving average is $45.19 and its 200 day simple moving average is $41.75.

Revolution Medicines (NASDAQ:RVMD) last announced its 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 during the quarter, compared to the consensus estimate of $0.81 million. During the same quarter last year, the firm posted ($0.92) earnings per share. The firm’s quarterly revenue was down 73.8% compared to the same quarter last year. On average, equities research analysts predict that Revolution Medicines will post -3.35 EPS for the current year.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the sale, the chief financial officer now directly owns 98,932 shares in the company, valued at approximately $4,976,279.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.30, for a total value of $503,000.00. Following the completion of the transaction, the chief financial officer now owns 98,932 shares in the company, valued at approximately $4,976,279.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark A. Goldsmith sold 30,000 shares of Revolution Medicines stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.36, for a total value 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 137,866 shares of company stock worth $6,814,424 in the last three months. 8.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after purchasing an additional 222 shares in the last quarter. Headlands Technologies LLC raised its position 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 worth $49,000 after buying an additional 885 shares in the last quarter. Values First Advisors Inc. bought a new stake in shares of Revolution Medicines during the 3rd quarter worth about $93,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Revolution Medicines in the 1st quarter worth approximately $104,000. Finally, EntryPoint Capital LLC bought a new position in shares of Revolution Medicines in the first quarter valued at approximately $107,000. 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.