Revolution Medicines (NASDAQ:RVMD) Trading Up 3.2% – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD) was up 3.2% on Wednesday . The stock traded as high as $49.94 and last traded at $48.66. Approximately 1,435,525 shares were traded during trading, an increase of 10% from the average daily volume of 1,304,098 shares. The stock had previously closed at $47.13.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer raised their price target on Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. HC Wainwright reiterated a “buy” rating and set a $56.00 price target on shares of Revolution Medicines in a report on Monday, August 12th. Wedbush reissued an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Bank of America upped their target price on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Finally, JPMorgan Chase & Co. decreased their price target on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $54.00.

Revolution Medicines Stock Performance

The firm has a market cap of $8.10 billion, a P/E ratio of -12.95 and a beta of 1.43. The firm’s fifty day moving average price is $45.00 and its 200 day moving average price is $41.67.

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

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total value of $824,800.34. Following the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction dated 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 owns 311,885 shares in the company, valued at $14,309,283.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the transaction, the insider now owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,866 shares of company stock valued at $6,814,424. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Revolution Medicines by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after buying an additional 122,721 shares during the period. Farallon Capital Management LLC increased its stake in Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after acquiring an additional 2,249,820 shares during the last quarter. Baker BROS. Advisors LP raised its position in Revolution Medicines by 46.6% in the first 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. Price T Rowe Associates Inc. MD raised its position in Revolution Medicines by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after purchasing an additional 177,957 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Revolution Medicines by 77.9% in the 1st 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. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.