Revolution Medicines (NASDAQ:RVMD) Receives “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $59.00 target price on the stock.

A number of other research analysts have also issued reports on RVMD. 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 target price on the stock. Bank of America lifted their target price 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. Oppenheimer boosted their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an outperform rating in a research note on Tuesday, July 16th. Needham & Company LLC decreased their price target on shares of Revolution Medicines from $62.00 to $61.00 and set a buy rating on the stock in a research note on Thursday. Finally, HC Wainwright boosted their price objective on Revolution Medicines from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $52.92.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock traded up $0.92 during trading on Thursday, hitting $42.90. 855,872 shares of the company’s stock were exchanged, compared to its average volume of 1,423,046. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of -11.44 and a beta of 1.44. The business has a 50-day simple moving average of $41.61 and a 200-day simple moving average of $36.10. Revolution Medicines has a 52-week low of $15.44 and a 52-week high of $48.61.

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

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $46.47, for a total value of $774,515.49. Following the completion of the sale, the insider now directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $46.47, for a total transaction of $774,515.49. Following the transaction, the insider now directly owns 269,073 shares of the company’s stock, valued at approximately $12,503,822.31. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Jeff Cislini sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total transaction of $76,940.00. Following the completion of the sale, the general counsel now owns 49,487 shares of the company’s stock, valued at approximately $1,903,764.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,421 shares of company stock worth $2,637,077. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its stake in Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares in the last quarter. Headlands Technologies LLC increased its position 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 valued at $49,000 after buying an additional 885 shares in the last quarter. Clear Harbor Asset Management LLC raised its stake in shares of Revolution Medicines by 10.2% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock worth $436,000 after buying an additional 1,036 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Revolution Medicines by 17.5% in the 2nd quarter. SG Americas Securities LLC now owns 10,730 shares of the company’s stock worth $416,000 after buying an additional 1,601 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its stake in Revolution Medicines by 10.6% in the 4th quarter. Teacher Retirement System of Texas now owns 23,375 shares of the company’s stock valued at $670,000 after acquiring an additional 2,238 shares during the last quarter. Hedge funds and other 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.