Revolution Medicines (NASDAQ:RVMD) Given Outperform Rating at Wedbush

Wedbush reissued their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research report released on Thursday morning,RTT News reports. The firm currently has a $67.00 price objective on the stock.

Several other equities research analysts have also commented on the company. Needham & Company LLC dropped their price target on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a research note on Thursday. Stifel Nicolaus dropped their price target on Revolution Medicines from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Thursday. HC Wainwright upped their price target on Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their target price on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, UBS Group increased their target price on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Twelve investment 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.com, Revolution Medicines has a consensus rating of “Buy” and an average price target of $66.23.

Revolution Medicines Trading Down 3.5 %

Revolution Medicines stock opened at $39.08 on Thursday. The firm has a market capitalization of $6.57 billion, a P/E ratio of -10.89 and a beta of 1.45. The stock has a fifty day moving average price of $42.21 and a 200 day moving average price of $46.19. Revolution Medicines has a 52 week low of $29.00 and a 52 week high of $62.40.

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

Insider Activity at Revolution Medicines

In related news, Director Thilo Schroeder purchased 1,304,347 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average cost of $46.00 per share, for a total transaction of $59,999,962.00. Following the transaction, the director now 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark A. Goldsmith sold 11,714 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $531,815.60. Following the sale, the insider now owns 325,056 shares in the company, valued at $14,757,542.40. The trade was a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,678 shares of company stock valued at $847,981. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Revolution Medicines by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company’s stock valued at $747,799,000 after purchasing an additional 2,185,082 shares during the period. Farallon Capital Management LLC increased its position in shares of Revolution Medicines by 17.1% during the 4th quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock valued at $579,498,000 after purchasing an additional 1,931,000 shares during the period. Janus Henderson Group PLC increased its position in shares of Revolution Medicines by 54.5% during the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock valued at $414,777,000 after purchasing an additional 3,346,755 shares during the period. Baker BROS. Advisors LP increased its position in shares of Revolution Medicines by 4.9% during the 4th quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock valued at $347,163,000 after purchasing an additional 367,882 shares during the period. Finally, Nextech Invest Ltd. boosted its stake in shares of Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after acquiring an additional 1,304,347 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.