Revolution Medicines (NASDAQ:RVMD) Given New $60.00 Price Target at Barclays

Revolution Medicines (NASDAQ:RVMD) had its price target increased by Barclays from $54.00 to $60.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on RVMD. Jefferies Financial Group began coverage on Revolution Medicines in a research note on Monday, July 8th. They set a buy rating and a $63.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on Revolution Medicines from $55.00 to $54.00 and set an overweight rating on the stock in a report on Thursday, August 8th. Oppenheimer upped their price objective on Revolution Medicines from $45.00 to $55.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. HC Wainwright reaffirmed a buy rating and set a $56.00 price objective on shares of Revolution Medicines in a report on Monday, August 12th. Finally, Needham & Company LLC dropped their price objective on Revolution Medicines from $62.00 to $61.00 and set a buy rating on the stock in a report on Thursday, August 8th. Ten research analysts have rated the stock with a buy rating and one has issued 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 target price of $54.00.

Revolution Medicines Trading Up 2.7 %

Shares of NASDAQ RVMD opened at $45.35 on Friday. Revolution Medicines has a twelve month low of $15.44 and a twelve month high of $48.61. The stock has a 50 day moving average of $43.70 and a two-hundred day moving average of $39.73. The stock has a market cap of $7.58 billion, a P/E ratio of -12.09 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. During the same period in the previous year, the business earned ($0.92) EPS. Revolution Medicines’s revenue was down 73.8% on a year-over-year basis. As a group, research analysts predict that Revolution Medicines will post -3.47 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the sale, the insider now owns 311,885 shares of the company’s stock, valued at $14,050,419.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the sale, the insider now owns 311,885 shares of the company’s stock, valued at $14,050,419.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $45.88, for a total value of $458,800.00. Following the transaction, the insider now owns 311,885 shares in the company, valued at $14,309,283.80. The disclosure for this sale can be found here. Insiders have sold a total of 56,221 shares of company stock valued at $2,552,337 over the last quarter. Insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several large investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC raised its holdings in shares of Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after purchasing an additional 885 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Revolution Medicines in the 1st quarter worth approximately $104,000. EntryPoint Capital LLC bought a new stake in shares of Revolution Medicines in the 1st quarter worth approximately $107,000. Nisa Investment Advisors LLC lifted its holdings in shares of Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the last quarter. Finally, Natixis bought a new stake in Revolution Medicines during the 1st quarter valued at $196,000. 94.34% of the stock is currently owned by hedge funds and other 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.