Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Price Target at $61.00

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have been given a consensus rating of “Buy” by the twelve analysts that are covering the stock, MarketBeat.com reports. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $61.00.

RVMD has been the subject of several research analyst reports. Barclays upped their target price on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. HC Wainwright increased their price objective on shares of Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. boosted their target price on shares of Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their price target on shares of Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a report on Thursday, August 8th.

Insider Buying and Selling

In other news, insider Mark A. Goldsmith sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the sale, the insider now owns 300,170 shares in the company, valued at $15,116,561.20. This trade represents a 9.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.30, for a total value of $503,000.00. Following the completion of the transaction, the chief financial officer now owns 98,932 shares in the company, valued at $4,976,279.60. This represents a 9.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,866 shares of company stock worth $6,355,624. 8.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Revolution Medicines by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after purchasing an additional 122,721 shares during the last quarter. Farallon Capital Management LLC increased its holdings in Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the period. Baker BROS. Advisors LP raised 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 acquiring an additional 2,400,592 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Revolution Medicines by 32.3% in the 3rd quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock valued at $278,280,000 after purchasing an additional 1,497,026 shares in the last quarter. Finally, FMR LLC raised its stake in Revolution Medicines by 4.4% in the third quarter. FMR LLC now owns 5,875,893 shares of the company’s stock valued at $266,472,000 after buying an additional 250,037 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $56.47 on Wednesday. The company has a market capitalization of $9.50 billion, a PE ratio of -15.73 and a beta of 1.40. The company’s fifty day moving average price is $49.68 and its 200 day moving average price is $44.24. Revolution Medicines has a 1 year low of $20.51 and a 1 year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the previous year, the business posted ($0.99) earnings per share. On average, equities analysts expect that Revolution Medicines will post -3.51 EPS for the current year.

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.