Revolution Medicines (NASDAQ:RVMD) Shares Up 3.2% – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price shot up 3.2% on Wednesday . The stock traded as high as $49.94 and last traded at $48.66. 1,435,525 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 1,304,098 shares. The stock had previously closed at $47.13.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RVMD. Bank of America upped their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Oppenheimer boosted their price target on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They issued a “buy” rating and a $63.00 price target on the stock. Barclays boosted their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $61.00 price target on shares of Revolution Medicines in a research note on Thursday. Ten 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.com, the company currently has an average rating of “Buy” and a consensus price target of $54.00.

Revolution Medicines Trading Down 1.8 %

The stock has a market capitalization of $7.66 billion, a PE ratio of -12.67 and a beta of 1.43. The firm’s 50-day moving average price is $45.19 and its 200-day moving average price is $41.75.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. During the same quarter in the prior year, the business earned ($0.92) earnings per share. Revolution Medicines’s revenue for the quarter was down 73.8% compared to the same quarter last year. On average, equities research analysts predict that Revolution Medicines, Inc. will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.34, for a total value of $2,517,000.00. Following the transaction, the chief operating officer now directly owns 132,320 shares in the company, valued at $6,660,988.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Margaret A. Horn sold 50,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the transaction, the chief operating officer now directly owns 132,320 shares in the company, valued at approximately $6,660,988.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares in the company, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,866 shares of company stock valued at $6,814,424 in the last ninety days. 8.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after acquiring an additional 222 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Revolution Medicines by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after acquiring an additional 320 shares in the last quarter. Amalgamated Bank boosted its stake in Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after acquiring an additional 365 shares in the last quarter. Headlands Technologies LLC boosted its stake in Revolution Medicines by 140.9% in the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after acquiring an additional 885 shares in the last quarter. Finally, Clear Harbor Asset Management LLC boosted its stake in Revolution Medicines by 10.2% in the second quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock valued at $436,000 after acquiring an additional 1,036 shares in the last quarter. 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.