JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Revolution Medicines (NASDAQ:RVMD) Stock

Revolution Medicines (NASDAQ:RVMD) had its price target hoisted by analysts at JPMorgan Chase & Co. from $54.00 to $63.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 4.24% from the company’s current price.

Several other brokerages have also issued reports on RVMD. Needham & Company LLC reaffirmed a “buy” rating and set a $61.00 price objective on shares of Revolution Medicines in a report on Thursday, October 24th. Wedbush reiterated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. Bank of America raised 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. Oppenheimer raised their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Finally, Guggenheim lifted their target price on Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $61.00.

Revolution Medicines Trading Up 2.3 %

Shares of NASDAQ RVMD opened at $60.44 on Thursday. The stock has a market cap of $10.10 billion, a P/E ratio of -16.84 and a beta of 1.40. The business’s fifty day simple moving average is $47.56 and its 200-day simple moving average is $43.17. Revolution Medicines has a 12-month low of $18.79 and a 12-month high of $61.06.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter last year, the business posted ($0.99) EPS. On average, equities analysts forecast that Revolution Medicines will post -3.37 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark A. Goldsmith sold 30,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.36, for a total value of $1,510,800.00. Following the sale, the insider now owns 300,170 shares in the company, valued at $15,116,561.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In 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 insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently bought and sold shares of RVMD. Vanguard Group Inc. lifted its stake in shares of Revolution Medicines by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after purchasing an additional 122,721 shares in the last quarter. Farallon Capital Management LLC lifted its position in Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after buying an additional 2,249,820 shares in the last quarter. Baker BROS. Advisors LP increased its position in shares of Revolution Medicines by 46.6% in the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after acquiring an additional 2,400,592 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Revolution Medicines by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock worth $155,166,000 after acquiring an additional 177,957 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Revolution Medicines by 77.9% in the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock valued at $126,067,000 after acquiring an additional 1,712,639 shares during the period. Institutional investors and hedge funds 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.