Revolution Medicines, Inc. (NASDAQ:RVMD) Receives $54.00 Consensus Target Price from Brokerages

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have been given an average rating of “Buy” by the eleven analysts that are presently covering the stock, MarketBeat.com reports. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $54.00.

A number of analysts have issued reports on the stock. 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. Needham & Company LLC reissued a “buy” rating and set a $61.00 price target on shares of Revolution Medicines in a research report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a report on Thursday, August 8th. Oppenheimer increased their target price on Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a research note on Monday, August 12th.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the sale, the insider now directly owns 300,170 shares in the company, valued at approximately $13,486,638.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total value of $249,704.00. Following the sale, the director now owns 13,065 shares in the company, valued at $627,381.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,866 shares of company stock valued at $6,814,424. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after acquiring an additional 222 shares during the period. Nisa Investment Advisors LLC raised its position in Revolution Medicines by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the last quarter. Amalgamated Bank lifted its holdings in Revolution Medicines by 7.4% during the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock worth $205,000 after buying an additional 365 shares during the period. Headlands Technologies LLC grew its position in shares of Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after buying an additional 885 shares during the last quarter. Finally, Clear Harbor Asset Management LLC increased its stake in shares of 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 buying an additional 1,036 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Trading Down 1.8 %

NASDAQ:RVMD opened at $46.42 on Friday. The stock has a 50 day simple moving average of $45.19 and a 200 day simple moving average of $41.75. The stock has a market cap of $7.66 billion, a P/E ratio of -12.38 and a beta of 1.43. Revolution Medicines has a 1-year low of $18.00 and a 1-year high of $51.00.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results 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 firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.81 million. During the same period in the prior year, the company earned ($0.92) earnings per share. The business’s quarterly revenue was down 73.8% on a year-over-year basis. As a group, sell-side analysts forecast that Revolution Medicines will post -3.35 EPS for the current year.

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.