Revolution Medicines (NASDAQ:RVMD) Trading Up 3.8%

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price was up 3.8% during trading on Wednesday . The stock traded as high as $46.25 and last traded at $46.08. Approximately 573,386 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,336,829 shares. The stock had previously closed at $44.40.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RVMD. Bank of America increased their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $56.00 target price on shares of Revolution Medicines in a report on Monday, August 12th. JPMorgan Chase & Co. reduced their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Finally, Oppenheimer increased their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $53.45.

Revolution Medicines Trading Up 1.9 %

The company’s 50-day simple moving average is $43.87 and its 200-day simple moving average is $39.40. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of -12.23 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly 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 business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. The company’s revenue for the quarter was down 73.8% on a year-over-year basis. During the same period last year, the firm earned ($0.92) EPS. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 25,000 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at $14,050,419.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Stephen Michael Kelsey sold 16,667 shares of Revolution Medicines stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $46.47, for a total value of $774,515.49. Following the completion of the transaction, the insider now owns 269,073 shares in the company, valued at $12,503,822.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 25,000 shares of Revolution Medicines stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the completion of the transaction, the insider now owns 311,885 shares of the company’s stock, valued at approximately $14,050,419.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,221 shares of company stock valued at $2,552,337. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds have recently bought and sold shares of the company. Bellevue Group AG grew its stake in Revolution Medicines by 7.8% during the fourth quarter. Bellevue Group AG now owns 5,091,000 shares of the company’s stock valued at $146,010,000 after acquiring an additional 369,500 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Revolution Medicines during the first quarter valued at approximately $6,656,000. Mass General Brigham Inc purchased a new position in Revolution Medicines during the first quarter valued at approximately $10,900,000. Finepoint Capital LP grew its stake in Revolution Medicines by 44.5% during the fourth quarter. Finepoint Capital LP now owns 617,100 shares of the company’s stock valued at $17,698,000 after acquiring an additional 190,100 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after acquiring an additional 122,721 shares in the last quarter. Hedge funds and other institutional investors 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.