Revolution Medicines, Inc. (NASDAQ:RVMD) Receives Consensus Recommendation of “Buy” from Brokerages

Revolution Medicines, Inc. (NASDAQ:RVMD) has been given an average recommendation of “Buy” by the eleven brokerages that are currently covering the stock, Marketbeat.com reports. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $53.45.

A number of brokerages have weighed in on RVMD. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a report on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective on the stock. Oppenheimer increased 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. Wedbush reaffirmed an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research report on Thursday, August 8th. Needham & Company LLC decreased their price target on Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th.

Insiders Place Their Bets

In related news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction on Thursday, August 1st. The stock was 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 in the company, valued at $14,309,283.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Revolution Medicines news, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total transaction of $94,820.00. Following the transaction, the director now owns 19,948 shares of the company’s stock, valued at $877,712. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $45.88, for a total transaction of $458,800.00. Following the completion of the sale, 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. Over the last ninety days, insiders have sold 58,221 shares of company stock worth $2,629,277. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in Revolution Medicines by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,795,421 shares of the company’s stock valued at $51,496,000 after acquiring an additional 133,558 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Revolution Medicines by 22.8% in the 4th quarter. Principal Financial Group Inc. now owns 30,194 shares of the company’s stock worth $866,000 after purchasing an additional 5,614 shares during the period. Norges Bank purchased a new position in Revolution Medicines during the fourth quarter worth $8,079,000. UBS Group AG grew its holdings in Revolution Medicines by 215.5% during the 4th quarter. UBS Group AG now owns 306,558 shares of the company’s stock valued at $8,792,000 after purchasing an additional 209,399 shares during the last quarter. Finally, Finepoint Capital LP lifted its stake in Revolution Medicines by 44.5% in the fourth quarter. Finepoint Capital LP now owns 617,100 shares of the company’s stock worth $17,698,000 after purchasing an additional 190,100 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Trading Down 6.1 %

NASDAQ:RVMD opened at $42.63 on Tuesday. Revolution Medicines has a 12 month low of $15.44 and a 12 month high of $48.61. The company has a 50-day moving average price of $43.91 and a 200-day moving average price of $39.31. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of -11.37 and a beta of 1.43.

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

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.