Revolution Medicines (NASDAQ:RVMD) Releases Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Revolution Medicines (NASDAQ:RVMD) issued its quarterly earnings results on Wednesday. The company reported ($1.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11), Zacks reports.

Revolution Medicines Price Performance

NASDAQ RVMD traded down $0.84 during trading hours on Wednesday, hitting $40.50. 1,287,719 shares of the company’s stock traded hands, compared to its average volume of 1,286,606. The company has a market capitalization of $6.81 billion, a PE ratio of -11.28 and a beta of 1.45. Revolution Medicines has a 52-week low of $29.00 and a 52-week high of $62.40. The firm’s 50-day moving average is $42.35 and its 200-day moving average is $46.28.

Insiders Place Their Bets

In related news, insider Mark A. Goldsmith sold 11,714 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $531,815.60. Following the completion of the sale, the insider now owns 325,056 shares of the company’s stock, valued at approximately $14,757,542.40. This represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thilo Schroeder bought 1,304,347 shares of Revolution Medicines stock in a transaction on Thursday, December 5th. The shares were 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. This trade represents a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 18,678 shares of company stock valued at $847,981 in the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on RVMD. Needham & Company LLC reaffirmed a “buy” rating and set a $68.00 target price on shares of Revolution Medicines in a research note on Tuesday, December 3rd. HC Wainwright boosted their price target on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. UBS Group increased their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Piper Sandler boosted their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Wedbush restated an “outperform” rating and set a $70.00 price target on shares of Revolution Medicines in a research report on Monday, December 2nd. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $66.25.

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.