Revolution Medicines (NASDAQ:RVMD) Hits New 1-Year High – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $51.00 and last traded at $50.85, with a volume of 198889 shares. The stock had previously closed at $50.42.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Needham & Company LLC reiterated a “buy” rating and issued a $61.00 price objective on shares of Revolution Medicines in a report on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. Jefferies Financial Group began coverage on Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 target price for the company. Finally, Bank of America boosted their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $56.75.

Revolution Medicines Price Performance

The business has a fifty day moving average price of $45.80 and a 200 day moving average price of $42.26.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter in the prior year, the company earned ($0.92) EPS. Revolution Medicines’s quarterly revenue was down 73.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Revolution Medicines, Inc. will post -3.35 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at $13,486,638.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at $13,486,638.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of the business’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 value of $824,800.34. Following the completion of the transaction, the insider now directly owns 264,408 shares in the company, valued at approximately $13,085,551.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,866 shares of company stock valued at $6,355,624 in the last three months. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after buying an additional 222 shares during the period. Headlands Technologies LLC raised its stake in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after buying an additional 885 shares during the last quarter. Values First Advisors Inc. purchased a new stake in shares of Revolution Medicines in the 3rd quarter worth about $93,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Revolution Medicines in the first quarter valued at approximately $104,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Revolution Medicines during the 1st quarter worth approximately $107,000. 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.