Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Guggenheim Analyst Says

Revolution Medicines (NASDAQ:RVMD – Get Free Report) had its target price upped by investment analysts at Guggenheim from $275.00 to $298.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim‘s target price suggests a potential upside of 62.06% from the stock’s current price.

Several other equities analysts have also commented on the company. Brookline Capital Markets started coverage on Revolution Medicines in a report on Monday, September 28th. They set a “buy” rating and a $318.00 target price for the company. Truist Financial raised their price target on Revolution Medicines from $240.00 to $241.00 and gave the stock a “buy” rating in a report on Monday, October 19th. Bank of America reduced their price objective on Revolution Medicines from $265.00 to $264.00 and set a “buy” rating for the company in a research report on Friday, October 9th. UBS Group upped their price objective on Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Revolution Medicines in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $244.00.

Get Our Latest Analysis on RVMD

Revolution Medicines Stock Performance

Revolution Medicines stock traded down $15.82 during mid-day trading on Thursday, reaching $183.88. The company’s stock had a trading volume of 1,693,867 shares, compared to its average volume of 2,776,867. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a twelve month low of $58.91 and a twelve month high of $224.31. The business has a 50 day moving average price of $198.21 and a 200-day moving average price of $156.90. The firm has a market cap of $39.41 billion, a price-to-earnings ratio of -20.82 and a beta of 1.44.

Revolution Medicines (NASDAQ:RVMD – Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.35) by $0.45. The business had revenue of $197.56 million for the quarter, compared to analyst estimates of $25.58 million. During the same period last year, the company posted ($1.61) earnings per share. Sell-side analysts predict that Revolution Medicines will post -8.94 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 4,053 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $807,519.72. Following the completion of the sale, the chief financial officer directly owned 119,216 shares of the company’s stock, valued at approximately $23,752,595.84. This represents a 3.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan B. Sandler sold 6,309 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $202.14, for a total transaction of $1,275,301.26. Following the completion of the sale, the insider directly owned 52,559 shares of the company’s stock, valued at approximately $10,624,276.26. This represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 290,991 shares of company stock valued at $59,422,765. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Lido Advisors LLC acquired a new position in Revolution Medicines in the third quarter worth approximately $1,687,000. AlphaCore Capital LLC bought a new position in Revolution Medicines during the third quarter valued at approximately $361,000. Fulcrum Asset Management LLP bought a new position in Revolution Medicines during the third quarter valued at approximately $197,000. Allspring Global Investments Holdings LLC raised its position in Revolution Medicines by 1,258.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 29,442 shares of the company’s stock valued at $6,062,000 after acquiring an additional 27,275 shares in the last quarter. Finally, Brighton Jones LLC lifted its stake in Revolution Medicines by 2.9% in the third quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock valued at $732,000 after acquiring an additional 99 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Company Profile

(Get Free Report)

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.

Further Reading

Analyst Recommendations for Revolution Medicines (NASDAQ:RVMD)

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