Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $240.00 at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its price target boosted by equities research analysts at Needham & Company LLC from $236.00 to $240.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 21.64% from the stock’s current price.

RVMD has been the topic of a number of other reports. Mizuho raised their price objective on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Wedbush raised their price target on Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. Sanford C. Bernstein assumed coverage on Revolution Medicines in a research report on Thursday, May 21st. They set a “market perform” rating and a $151.00 price objective for the company. Finally, Guggenheim increased their price objective on Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.89.

Revolution Medicines Trading Up 2.0%

RVMD opened at $197.30 on Thursday. The business has a fifty day moving average price of $174.85 and a 200 day moving average price of $136.44. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. Revolution Medicines has a 12 month low of $34.00 and a 12 month high of $198.30. The stock has a market capitalization of $41.95 billion, a price-to-earnings ratio of -27.91 and a beta of 1.39.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter last year, the firm posted ($1.31) earnings per share. Sell-side analysts expect that Revolution Medicines will post -7.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at $45,567,681.12. The trade was a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the sale, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. This trade represents a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new stake in shares of Revolution Medicines during the second quarter worth $201,000. Handelsbanken Fonder AB raised its position in Revolution Medicines by 243.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after buying an additional 150,500 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Revolution Medicines in the 2nd quarter worth $32,000. Valeo Financial Advisors LLC acquired a new stake in shares of Revolution Medicines in the 2nd quarter worth $206,000. Finally, RVW Wealth LLC purchased a new stake in shares of Revolution Medicines in the second quarter valued at about $224,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.