Revolution Medicines (NASDAQ:RVMD) Given New $59.00 Price Target at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its price target lowered by Needham & Company LLC from $60.00 to $59.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on RVMD. UBS Group upped their target price on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Guggenheim upped their target price on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Piper Sandler upped their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Wedbush restated an “outperform” rating and set a $70.00 target price on shares of Revolution Medicines in a research note on Monday, December 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Buy” and a consensus target price of $66.23.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $39.08 on Thursday. Revolution Medicines has a one year low of $29.00 and a one year high of $62.40. The company’s 50-day moving average is $42.21 and its 200 day moving average is $46.19. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -10.89 and a beta of 1.45.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.11). As a group, research analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 2,635 shares of Revolution Medicines stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $119,629.00. Following the transaction, the chief financial officer now owns 96,470 shares of the company’s stock, valued at $4,379,738. The trade was a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Margaret A. Horn sold 4,329 shares of Revolution Medicines stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $196,536.60. Following the transaction, the chief operating officer now directly owns 127,991 shares in the company, valued at $5,810,791.40. This represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,678 shares of company stock worth $847,981 in the last quarter. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several large investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. purchased a new position in Revolution Medicines during the fourth quarter valued at approximately $994,000. Polar Asset Management Partners Inc. raised its position in shares of Revolution Medicines by 46.0% during the fourth quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company’s stock valued at $1,513,000 after buying an additional 10,900 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Revolution Medicines by 17.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,055 shares of the company’s stock valued at $265,000 after buying an additional 885 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $154,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Revolution Medicines by 21.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 262,851 shares of the company’s stock valued at $11,497,000 after buying an additional 46,825 shares during the last quarter. 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.