Revolution Medicines (NASDAQ:RVMD) Shares Down 3.8%

Revolution Medicines, Inc. (NASDAQ:RVMD) fell 3.8% during trading on Tuesday . The stock traded as low as $42.84 and last traded at $42.85. 411,063 shares traded hands during mid-day 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 recently commented on RVMD. Barclays boosted their price target on shares of Revolution Medicines from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $56.00 target price on shares of Revolution Medicines in a research note on Monday, August 12th. JPMorgan Chase & Co. lowered their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $52.92.

Revolution Medicines Stock Performance

The firm’s 50-day moving average price is $43.98 and its two-hundred day moving average price is $39.00. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of -12.31 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. The company’s revenue was down 73.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.92) earnings per share. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -3.47 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In related news, General Counsel Jeff Cislini sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total value of $76,940.00. Following the sale, the general counsel now directly owns 49,487 shares in the company, valued at approximately $1,903,764.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, General Counsel Jeff Cislini sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total value of $76,940.00. Following the sale, the general counsel now directly owns 49,487 shares in the company, valued at approximately $1,903,764.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sushil Patel sold 2,155 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total transaction of $94,820.00. Following the completion of the sale, the director now owns 19,948 shares in the company, valued at $877,712. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,421 shares of company stock worth $2,637,077. Company insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Revolution Medicines by 51.8% in the fourth quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock valued at $419,714,000 after purchasing an additional 4,990,800 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Revolution Medicines by 40.8% in the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after purchasing an additional 4,309,611 shares in the last quarter. Baker BROS. Advisors LP boosted its holdings in Revolution Medicines by 46.6% in the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after purchasing an additional 2,400,592 shares in the last quarter. Farallon Capital Management LLC boosted its holdings in Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after purchasing an additional 2,249,820 shares in the last quarter. Finally, BVF Inc. IL boosted its holdings in Revolution Medicines by 50.2% in the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after purchasing an additional 2,000,000 shares in the last quarter. 94.34% of the stock is currently 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.