Needham & Company LLC Cuts Revolution Medicines (NASDAQ:RVMD) Price Target to $59.00

Revolution Medicines (NASDAQ:RVMD) had its price objective decreased by Needham & Company LLC from $60.00 to $59.00 in a research report sent to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Piper Sandler raised their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Guggenheim raised their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. HC Wainwright raised their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised their price objective on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, UBS Group raised their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and a consensus price target of $66.23.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $40.74 on Thursday. Revolution Medicines has a 52-week low of $29.00 and a 52-week high of $62.40. The company has a market capitalization of $6.85 billion, a P/E ratio of -11.35 and a beta of 1.45. The company has a 50-day simple moving average of $42.15 and a 200 day simple moving average of $46.20.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.01) by ($0.11). As a group, equities analysts forecast that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 11,714 shares of Revolution Medicines stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $531,815.60. Following the transaction, the insider now directly owns 325,056 shares of the company’s stock, valued at $14,757,542.40. This trade represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thilo Schroeder acquired 1,304,347 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average cost of $46.00 per share, for a total transaction of $59,999,962.00. Following the completion of the purchase, the director now directly owns 2,096,612 shares of the company’s stock, valued at $96,444,152. The trade was a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 18,678 shares of company stock worth $847,981. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc bought a new position in Revolution Medicines in the fourth quarter valued at approximately $34,000. Quarry LP bought a new position in Revolution Medicines in the third quarter valued at approximately $82,000. Sterling Capital Management LLC increased its stake in Revolution Medicines by 588.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock valued at $86,000 after acquiring an additional 1,672 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Revolution Medicines by 368.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock worth $90,000 after buying an additional 1,613 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Revolution Medicines during the fourth quarter worth $104,000. 94.34% of the stock is owned by institutional investors.

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.