Revolution Medicines (NASDAQ:RVMD) Shares Gap Down – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD) gapped down before the market opened on Monday . The stock had previously closed at $57.85, but opened at $54.18. Revolution Medicines shares last traded at $50.67, with a volume of 1,174,875 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RVMD. HC Wainwright raised their target price on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Guggenheim upped their target price on shares of Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Piper Sandler raised their price target on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC boosted their price objective on shares of Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $61.00.

Revolution Medicines Trading Down 11.4 %

The firm has a market cap of $8.62 billion, a price-to-earnings ratio of -14.90 and a beta of 1.40. The company has a 50 day moving average of $51.89 and a 200 day moving average of $45.35.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period in the prior year, the company earned ($0.99) EPS. Equities analysts forecast that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the transaction, the director now owns 13,065 shares of the company’s stock, valued at $627,381.30. The trade was a 28.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 3.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 in the last three months. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Farallon Capital Management LLC lifted its stake in Revolution Medicines by 30.0% in the 2nd 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 during the last quarter. Janus Henderson Group PLC lifted its position in shares of Revolution Medicines by 32.3% in the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock valued at $278,280,000 after buying an additional 1,497,026 shares during the last quarter. FMR LLC lifted its position in shares of Revolution Medicines by 4.4% in the third quarter. FMR LLC now owns 5,875,893 shares of the company’s stock valued at $266,472,000 after buying an additional 250,037 shares during the last quarter. State Street Corp boosted its stake in shares of Revolution Medicines by 4.1% during the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after acquiring an additional 208,516 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Revolution Medicines by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after acquiring an additional 291,369 shares during the last quarter. 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.