Revolution Medicines (NASDAQ:RVMD) Price Target Lowered to $61.00 at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its price objective lowered by Needham & Company LLC from $62.00 to $61.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

RVMD has been the subject of several other reports. Raymond James upgraded shares of Revolution Medicines from an outperform rating to a strong-buy rating and upped their target price for the stock from $36.00 to $48.00 in a research report on Wednesday, April 10th. Jefferies Financial Group assumed coverage on Revolution Medicines in a research report on Monday, July 8th. They set a buy rating and a $63.00 price objective on the stock. Barclays boosted their target price on Revolution Medicines from $52.00 to $54.00 and gave the stock an overweight rating in a research report on Thursday, July 18th. Bank of America increased their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a buy rating in a research report on Tuesday, July 16th. Finally, Oppenheimer upped their price objective on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $52.92.

Revolution Medicines Trading Up 2.2 %

Shares of Revolution Medicines stock traded up $0.92 during trading on Thursday, hitting $42.90. The stock had a trading volume of 855,872 shares, compared to its average volume of 1,423,046. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of -11.44 and a beta of 1.44. Revolution Medicines has a 12 month low of $15.44 and a 12 month high of $48.61. The business’s 50-day moving average is $41.61 and its 200 day moving average is $36.10.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.81 million. The company’s revenue was down 73.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.92) EPS. As a group, equities analysts expect that Revolution Medicines will post -3.21 EPS for the current year.

Insider Activity at Revolution Medicines

In related news, Director Sushil Patel sold 2,155 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total transaction of $94,820.00. Following the transaction, the director now owns 19,948 shares in the company, valued at $877,712. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total transaction of $94,820.00. Following the sale, the director now directly owns 19,948 shares in the company, valued at $877,712. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $40.83, for a total value of $97,951.17. Following the completion of the transaction, the general counsel now owns 47,088 shares of the company’s stock, valued at approximately $1,922,603.04. The disclosure for this sale can be found here. Insiders have sold a total of 58,421 shares of company stock worth $2,637,077 over the last quarter. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its stake in shares of Revolution Medicines by 140.9% in the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after buying an additional 885 shares in the last quarter. Manchester Capital Management LLC purchased a new position in shares of Revolution Medicines in the fourth quarter worth $80,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Revolution Medicines in the first quarter worth $104,000. EntryPoint Capital LLC bought a new position in shares of Revolution Medicines during the first quarter valued at $107,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after buying an additional 320 shares during the last quarter. Institutional investors own 94.34% 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.