Revolution Medicines (NASDAQ:RVMD) Stock Price Down 4.2% – Should You Sell?

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price traded down 4.2% during mid-day trading on Tuesday . The stock traded as low as $49.01 and last traded at $49.64. 268,400 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,336,484 shares. The stock had previously closed at $51.80.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Barclays upped their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research note on Monday. JPMorgan Chase & Co. upped their price objective on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Sandler upped their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, Oppenheimer upped their target price on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $63.67.

Revolution Medicines Stock Performance

The stock has a 50-day moving average of $52.22 and a 200-day moving average of $45.52.

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

Insider Buying and Selling

In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total value of $249,704.00. Following the sale, the director now owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s 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 completion of the sale, the insider now directly owns 264,408 shares in the company, valued at approximately $13,085,551.92. This represents a 5.93 % 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 over the last 90 days. 8.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Citigroup Inc. lifted its stake in shares of Revolution Medicines by 29.5% in the 3rd quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock valued at $5,348,000 after acquiring an additional 26,871 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Revolution Medicines by 58.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock valued at $79,957,000 after acquiring an additional 653,433 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Revolution Medicines by 1,109.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock valued at $1,750,000 after acquiring an additional 35,399 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Revolution Medicines by 156.2% in the 3rd quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock valued at $8,639,000 after acquiring an additional 116,135 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Revolution Medicines by 9.2% in the 2nd quarter. Rhumbline Advisers now owns 228,567 shares of the company’s stock valued at $8,871,000 after acquiring an additional 19,257 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors.

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.