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

Wedbush reiterated their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research note published on Thursday, Benzinga reports. They currently have a $59.00 price target on the stock.

A number of other analysts have also issued reports on the company. Barclays boosted their price objective on Revolution Medicines from $52.00 to $54.00 and gave the company an overweight rating in a research note on Thursday, July 18th. HC Wainwright upped their target price on Revolution Medicines from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Bank of America upped their target price on Revolution Medicines from $48.00 to $55.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Jefferies Financial Group assumed coverage on Revolution Medicines in a research note on Monday, July 8th. They issued a buy rating and a $63.00 target price on the stock. Finally, Needham & Company LLC decreased their target price on Revolution Medicines from $62.00 to $61.00 and set a buy rating on the stock in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $52.92.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $42.90 on Thursday. Revolution Medicines has a 52-week low of $15.44 and a 52-week high of $48.61. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of -11.44 and a beta of 1.44. The business’s fifty day moving average is $41.70 and its 200 day moving average is $36.33.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.81 million. During the same quarter last year, the firm posted ($0.92) EPS. The business’s revenue for the quarter was down 73.8% compared to the same quarter last year. Equities analysts predict that Revolution Medicines will post -3.21 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the transaction, the insider now directly owns 311,885 shares in the company, valued at approximately $14,050,419.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the transaction, the insider now directly owns 311,885 shares in the company, valued at approximately $14,050,419.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sushil Patel sold 2,155 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total value of $94,820.00. Following the completion of the transaction, the director now owns 19,948 shares of the company’s stock, valued at $877,712. The disclosure for this sale can be found here. In the last three months, insiders sold 58,421 shares of company stock worth $2,637,077. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors have recently bought and sold shares of RVMD. Arizona State Retirement System boosted its holdings in Revolution Medicines by 34.0% during the 4th quarter. Arizona State Retirement System now owns 28,384 shares of the company’s stock valued at $814,000 after acquiring an additional 7,195 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Revolution Medicines by 45.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,405 shares of the company’s stock valued at $2,306,000 after acquiring an additional 25,160 shares during the period. Strs Ohio boosted its holdings in Revolution Medicines by 54.0% during the 4th quarter. Strs Ohio now owns 9,700 shares of the company’s stock valued at $278,000 after acquiring an additional 3,400 shares during the period. Mackenzie Financial Corp purchased a new stake in Revolution Medicines during the 4th quarter valued at about $248,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Revolution Medicines by 18.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,818 shares of the company’s stock valued at $568,000 after acquiring an additional 3,133 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

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.