Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Target Price at $65.82

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have received a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the stock, MarketBeat reports. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $66.25.

A number of research firms have recently weighed in on RVMD. Wedbush reissued an “outperform” rating and set a $70.00 target price on shares of Revolution Medicines in a report on Monday, December 2nd. Barclays boosted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Oppenheimer raised their target price 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. UBS Group boosted their price target on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and set a $68.00 price objective on shares of Revolution Medicines in a research note on Tuesday, December 3rd.

Insider Activity

In other news, Director Thilo Schroeder acquired 1,304,347 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average price of $46.00 per share, with a total value of $59,999,962.00. Following the acquisition, the director now directly owns 2,096,612 shares in the company, valued at $96,444,152. The trade was a 164.64 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the completion of the transaction, the chief operating officer now directly owns 132,320 shares of the company’s stock, valued at approximately $6,660,988.80. The trade was a 27.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 131,344 shares of company stock worth $6,504,602. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in shares of Revolution Medicines by 21.9% during the second quarter. Bank of New York Mellon Corp now owns 645,253 shares of the company’s stock valued at $25,042,000 after acquiring an additional 115,844 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Revolution Medicines by 48.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,562 shares of the company’s stock worth $953,000 after purchasing an additional 7,994 shares during the last quarter. Rhumbline Advisers lifted its holdings in Revolution Medicines by 9.2% during the 2nd quarter. Rhumbline Advisers now owns 228,567 shares of the company’s stock worth $8,871,000 after buying an additional 19,257 shares during the period. Arizona State Retirement System grew its position in shares of Revolution Medicines by 15.6% in the 2nd quarter. Arizona State Retirement System now owns 32,273 shares of the company’s stock valued at $1,253,000 after buying an additional 4,349 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Revolution Medicines in the second quarter valued at about $20,154,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Stock Performance

Shares of RVMD opened at $44.42 on Thursday. The firm has a market cap of $7.47 billion, a P/E ratio of -12.37 and a beta of 1.46. Revolution Medicines has a 52 week low of $25.93 and a 52 week high of $62.40. The firm’s 50-day simple moving average is $50.63 and its 200 day simple moving average is $46.55.

Revolution Medicines (NASDAQ:RVMD) last posted its 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 quarter in the prior year, the business earned ($0.99) earnings per share. As a group, equities analysts forecast that Revolution Medicines will post -3.5 earnings per share for the current year.

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.