Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Price Target at $53.45

Revolution Medicines, Inc. (NASDAQ:RVMD) has earned a consensus rating of “Buy” from the eleven brokerages that are presently covering the stock, Marketbeat.com reports. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $54.00.

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Needham & Company LLC dropped their price target on Revolution Medicines from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Oppenheimer increased their price objective on 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 began coverage on Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a research report on Monday, August 12th.

Revolution Medicines Trading Up 0.7 %

Shares of RVMD opened at $44.17 on Tuesday. The business’s 50-day moving average price is $43.75 and its 200 day moving average price is $39.59. The stock has a market capitalization of $7.38 billion, a P/E ratio of -11.78 and a beta of 1.43. Revolution Medicines has a 1-year low of $15.44 and a 1-year high of $48.61.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. Revolution Medicines’s quarterly revenue was down 73.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.92) earnings per share. On average, research analysts predict that Revolution Medicines will post -3.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $45.88, for a total transaction of $458,800.00. Following the transaction, the insider now owns 311,885 shares in the company, valued at approximately $14,309,283.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Jeff Cislini sold 2,399 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $40.83, for a total value of $97,951.17. Following the completion of the sale, the general counsel now directly owns 47,088 shares in the company, valued at approximately $1,922,603.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $45.88, for a total value of $458,800.00. Following the sale, the insider now directly owns 311,885 shares of the company’s stock, valued at approximately $14,309,283.80. The disclosure for this sale can be found here. Insiders sold 56,221 shares of company stock valued at $2,552,337 over the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Revolution Medicines by 40.8% in the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after buying an additional 4,309,611 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Revolution Medicines by 0.8% in the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after purchasing an additional 122,721 shares during the period. Farallon Capital Management LLC lifted its position in shares of Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in Revolution Medicines by 46.6% during the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after purchasing an additional 2,400,592 shares during the period. Finally, BVF Inc. IL boosted its stake in Revolution Medicines by 50.2% during the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after purchasing an additional 2,000,000 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.