Revolution Medicines’ (RVMD) “Buy” Rating Reaffirmed at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They presently have a $68.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 40.93% from the company’s current price.

Other research analysts have also issued reports about the company. Barclays raised their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. HC Wainwright boosted their price target on Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Wedbush restated an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a report on Monday. Guggenheim boosted their target price on shares of Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their target price on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $63.67.

Revolution Medicines Price Performance

NASDAQ RVMD opened at $48.25 on Tuesday. Revolution Medicines has a 1-year low of $23.38 and a 1-year high of $62.40. The firm has a market capitalization of $8.12 billion, a P/E ratio of -13.44 and a beta of 1.40. The business’s 50-day simple moving average is $52.22 and its 200-day simple moving average is $45.52.

Revolution Medicines (NASDAQ:RVMD) last released 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 period in the prior year, the firm posted ($0.99) EPS. On average, equities research analysts expect that Revolution Medicines will post -3.51 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now directly owns 264,408 shares in the company, valued at approximately $13,085,551.92. This represents a 5.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 127,866 shares of company stock valued at $6,355,624. Insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RVMD. GAMMA Investing LLC raised its holdings in Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares in the last quarter. Quarry LP bought a new stake in shares of Revolution Medicines in the 3rd quarter worth $82,000. Values First Advisors Inc. acquired a new stake in shares of Revolution Medicines in the third quarter valued at $93,000. Nisa Investment Advisors LLC boosted its stake in Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after buying an additional 320 shares in the last quarter. Finally, KBC Group NV grew its holdings in Revolution Medicines by 12.9% during the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after acquiring an additional 368 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.