Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $71.00

Revolution Medicines (NASDAQ:RVMD) had its price objective lifted by UBS Group from $65.00 to $71.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

RVMD has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their price target on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Barclays boosted their price target on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Piper Sandler raised their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Wedbush reissued an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a report on Monday, December 2nd. Finally, HC Wainwright boosted their target price on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $66.25.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $41.78 on Wednesday. The stock has a fifty day moving average price of $50.18 and a two-hundred day moving average price of $46.56. Revolution Medicines has a 52-week low of $25.93 and a 52-week high of $62.40. The firm has a market capitalization of $7.03 billion, a P/E ratio of -11.64 and a beta of 1.46.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period last year, the business posted ($0.99) EPS. On average, equities research analysts predict that Revolution Medicines will post -3.5 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now owns 264,408 shares in the company, valued at approximately $13,085,551.92. This trade represents a 5.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 4,329 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total transaction of $196,536.60. Following the transaction, the chief operating officer now owns 127,991 shares of the company’s stock, valued at approximately $5,810,791.40. This represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,344 shares of company stock valued at $1,672,782 in the last three months. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new stake in Revolution Medicines in the 4th quarter worth approximately $203,000. Lord Abbett & CO. LLC acquired a new position in Revolution Medicines in the third quarter valued at approximately $83,082,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Revolution Medicines during the 3rd quarter worth approximately $801,000. Geode Capital Management LLC increased its stake in Revolution Medicines by 8.7% during the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after purchasing an additional 291,369 shares during the period. Finally, Barclays PLC raised its position in Revolution Medicines by 187.1% in the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock valued at $13,362,000 after purchasing an additional 192,021 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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.