HC Wainwright Has Positive Forecast for RVMD FY2024 Earnings

Revolution Medicines, Inc. (NASDAQ:RVMD) – Equities research analysts at HC Wainwright lifted their FY2024 EPS estimates for Revolution Medicines in a report released on Wednesday, December 4th. HC Wainwright analyst R. Burns now anticipates that the company will earn ($3.40) per share for the year, up from their prior estimate of ($3.44). HC Wainwright has a “Buy” rating and a $72.00 price objective on the stock. The consensus estimate for Revolution Medicines’ current full-year earnings is ($3.51) per share. HC Wainwright also issued estimates for Revolution Medicines’ Q4 2024 earnings at ($0.94) EPS, Q1 2025 earnings at ($0.92) EPS, Q2 2025 earnings at ($0.94) EPS, Q3 2025 earnings at ($0.96) EPS, Q4 2025 earnings at ($0.97) EPS and FY2025 earnings at ($3.79) EPS.

Several other equities analysts have also recently weighed in on the stock. Guggenheim raised their price target on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday. Wedbush reiterated an “outperform” rating and set a $70.00 price target on shares of Revolution Medicines in a report on Monday. Piper Sandler increased their price target 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 lifted their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $63.67.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $47.30 on Friday. The business has a 50-day simple moving average of $52.29 and a 200 day simple moving average of $45.53. Revolution Medicines has a one year low of $23.51 and a one year high of $62.40. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of -13.18 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the prior year, the company posted ($0.99) earnings per share.

Hedge Funds Weigh In On Revolution Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its holdings in shares of Revolution Medicines by 17.5% during the 2nd quarter. SG Americas Securities LLC now owns 10,730 shares of the company’s stock worth $416,000 after acquiring an additional 1,601 shares during the last quarter. Clear Harbor Asset Management LLC increased its position in shares of Revolution Medicines by 10.2% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock valued at $436,000 after purchasing an additional 1,036 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Revolution Medicines by 196.4% during the 2nd quarter. Raymond James & Associates now owns 74,370 shares of the company’s stock valued at $2,886,000 after buying an additional 49,275 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Revolution Medicines by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 320 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Revolution Medicines by 21.9% during the second quarter. Bank of New York Mellon Corp now owns 645,253 shares of the company’s stock worth $25,042,000 after acquiring an additional 115,844 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insider Activity 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 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 filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $824,800.34. Following the completion of 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 5.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,866 shares of company stock worth $6,355,624. Company insiders own 8.00% of the company’s stock.

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.