Revolution Medicines (NASDAQ:RVMD) Sets New 12-Month High – Time to Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $51.00 and last traded at $50.42, with a volume of 1055089 shares traded. The stock had previously closed at $48.99.

Analysts Set New Price Targets

A number of brokerages have commented on RVMD. Barclays upped their target price 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. HC Wainwright restated a “buy” rating and set a $56.00 price objective on shares of Revolution Medicines in a report on Monday, August 12th. JPMorgan Chase & Co. lowered their target price on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $61.00 price target on shares of Revolution Medicines in a research report on Monday, October 7th. Finally, Wedbush restated an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a report on Thursday, August 8th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $54.00.

Revolution Medicines Trading Up 2.9 %

The company has a market cap of $8.42 billion, a PE ratio of -13.46 and a beta of 1.43. The firm’s 50-day simple moving average is $44.35 and its two-hundred day simple moving average is $41.03.

Revolution Medicines (NASDAQ:RVMD) last announced 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 firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. During the same quarter in the previous year, the company earned ($0.92) earnings per share. The business’s revenue for the quarter was down 73.8% on a year-over-year basis. As a group, analysts predict that Revolution Medicines, Inc. will post -3.35 EPS for the current year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the transaction, the director now owns 13,065 shares in the company, valued at approximately $627,381.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Barbara Weber sold 5,200 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the sale, the director now directly owns 13,065 shares of the company’s stock, valued at $627,381.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction dated Tuesday, October 1st. The shares were 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 owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,866 shares of company stock worth $6,814,424. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in RVMD. Vanguard Group Inc. increased its stake in Revolution Medicines by 51.8% during the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock worth $419,714,000 after buying an additional 4,990,800 shares in the last quarter. Baker BROS. Advisors LP boosted its holdings in shares of Revolution Medicines by 46.6% during the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after purchasing an additional 2,400,592 shares during the last quarter. Farallon Capital Management LLC grew its position in shares of Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after purchasing an additional 2,249,820 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Revolution Medicines by 77.9% in the first quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock valued at $126,067,000 after purchasing an additional 1,712,639 shares during the last quarter. Finally, Logos Global Management LP purchased a new position in Revolution Medicines during the second quarter worth approximately $46,572,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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.