Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $60.00 at Barclays

Revolution Medicines (NASDAQ:RVMD) had its target price lifted by Barclays from $54.00 to $60.00 in a research note published on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on RVMD. Bank of America raised their price objective on Revolution Medicines from $48.00 to $55.00 and gave the company a buy rating in a report on Tuesday, July 16th. Jefferies Financial Group started coverage on Revolution Medicines in a report on Monday, July 8th. They set a buy rating and a $63.00 price target on the stock. Oppenheimer lifted their price target on Revolution Medicines from $45.00 to $55.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. Needham & Company LLC reduced their price target on Revolution Medicines from $62.00 to $61.00 and set a buy rating on the stock in a report on Thursday, August 8th. Finally, HC Wainwright reiterated a buy rating and set a $56.00 price target on shares of Revolution Medicines in a report on Monday, August 12th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $54.00.

Revolution Medicines Stock Up 2.7 %

Shares of Revolution Medicines stock opened at $45.35 on Friday. Revolution Medicines has a 52 week low of $15.44 and a 52 week high of $48.61. The firm has a market capitalization of $7.58 billion, a P/E ratio of -12.09 and a beta of 1.43. The company has a 50 day moving average price of $43.70 and a 200 day moving average price of $39.73.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $0.81 million. During the same quarter last year, the firm earned ($0.92) earnings per share. Revolution Medicines’s revenue for the quarter was down 73.8% on a year-over-year basis. As a group, research analysts anticipate that Revolution Medicines 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 Stephen Michael Kelsey sold 16,667 shares of Revolution Medicines stock in a transaction dated Monday, July 15th. The stock was 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 directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,667 shares of Revolution Medicines stock in a transaction dated Monday, July 15th. The stock was 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 directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Sushil Patel sold 2,155 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total value of $94,820.00. Following the transaction, the director now directly owns 19,948 shares of the company’s stock, valued at $877,712. The disclosure for this sale can be found here. Insiders sold a total of 56,221 shares of company stock valued at $2,552,337 in the last three months. 8.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its holdings in Revolution Medicines by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares in the last quarter. Amalgamated Bank boosted its holdings in Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares in the last quarter. Headlands Technologies LLC boosted its holdings in Revolution Medicines by 140.9% in the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after purchasing an additional 885 shares in the last quarter. Clear Harbor Asset Management LLC boosted its holdings in Revolution Medicines by 10.2% in the second quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock valued at $436,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Seven Eight Capital LP boosted its holdings in Revolution Medicines by 1.6% in the second quarter. Seven Eight Capital LP now owns 69,602 shares of the company’s stock valued at $2,701,000 after purchasing an additional 1,108 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

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.