Needham & Company LLC Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its price objective hoisted by Needham & Company LLC from $61.00 to $68.00 in a research note released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

RVMD has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $56.00 price target on shares of Revolution Medicines in a research report on Monday, August 12th. Oppenheimer raised their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Wedbush restated an “outperform” rating and issued a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. Piper Sandler lifted their price target on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Barclays boosted their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $61.00.

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $60.44 on Thursday. The firm has a 50-day moving average of $47.56 and a two-hundred day moving average of $43.17. The stock has a market cap of $10.17 billion, a P/E ratio of -16.84 and a beta of 1.40. Revolution Medicines has a 1-year low of $18.79 and a 1-year high of $61.06.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) 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) earnings per share. As a group, equities analysts expect that Revolution Medicines will post -3.37 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Barbara Weber sold 5,200 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares in the company, valued at $627,381.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Jack Anders sold 10,000 shares of Revolution Medicines stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.30, for a total value of $503,000.00. Following the sale, the chief financial officer now directly owns 98,932 shares in the company, valued at $4,976,279.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Barbara Weber sold 5,200 shares of the company’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. 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 valued at $6,355,624. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in RVMD. Allspring Global Investments Holdings LLC acquired a new stake in Revolution Medicines in the 1st quarter valued at approximately $104,000. Duality Advisers LP bought a new stake in shares of Revolution Medicines during the first quarter valued at about $826,000. SG Americas Securities LLC raised its stake in shares of Revolution Medicines by 153.9% during the first quarter. SG Americas Securities LLC now owns 9,129 shares of the company’s stock valued at $294,000 after purchasing an additional 5,534 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Revolution Medicines in the first quarter worth about $6,656,000. Finally, Sei Investments Co. bought a new position in Revolution Medicines in the 1st quarter valued at about $528,000. 94.34% of the stock is currently 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.