Wedbush Reaffirms “Outperform” Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research note issued on Monday,RTT News reports. They currently have a $70.00 price objective on the stock. Wedbush’s target price points to a potential upside of 35.14% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Guggenheim upped their target price on Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a report on Monday, October 28th. Piper Sandler raised their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Barclays boosted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Finally, Oppenheimer raised their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Revolution Medicines presently has an average rating of “Buy” and a consensus target price of $61.92.

Revolution Medicines Stock Down 10.5 %

Shares of Revolution Medicines stock traded down $6.05 during trading on Monday, reaching $51.80. The company’s stock had a trading volume of 4,272,994 shares, compared to its average volume of 1,341,757. The business has a 50 day moving average price of $51.89 and a 200-day moving average price of $45.35. The company has a market capitalization of $8.71 billion, a P/E ratio of -14.43 and a beta of 1.40. Revolution Medicines has a 12-month low of $23.38 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results 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 period last year, the business earned ($0.99) EPS. Research analysts predict that Revolution Medicines will post -3.51 EPS for the current fiscal year.

Insider Activity

In other news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total value of $824,800.34. Following the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 5.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Barbara Weber sold 5,200 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 28.47 % 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 over the last quarter. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RVMD. Farallon Capital Management LLC increased its stake in Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the period. Janus Henderson Group PLC increased its position in shares of Revolution Medicines by 32.3% during the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock worth $278,280,000 after acquiring an additional 1,497,026 shares during the last quarter. FMR LLC increased its position in shares of Revolution Medicines by 4.4% during the third quarter. FMR LLC now owns 5,875,893 shares of the company’s stock worth $266,472,000 after acquiring an additional 250,037 shares during the last quarter. State Street Corp lifted its stake in shares of Revolution Medicines by 4.1% in the third quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after acquiring an additional 208,516 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Revolution Medicines by 8.7% in the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock valued at $164,517,000 after purchasing an additional 291,369 shares during the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.