Needham & Company LLC Lowers Revolution Medicines (NASDAQ:RVMD) Price Target to $59.00

Revolution Medicines (NASDAQ:RVMD) had its target price cut by research analysts at Needham & Company LLC from $60.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 44.82% from the stock’s previous close.

RVMD has been the topic of several other reports. Guggenheim lifted their price target on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Piper Sandler lifted their price target on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Wedbush restated an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. Finally, UBS Group boosted their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Twelve research 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, the stock presently has a consensus rating of “Buy” and a consensus target price of $66.23.

Revolution Medicines Trading Up 4.2 %

RVMD opened at $40.74 on Thursday. The stock has a market capitalization of $6.85 billion, a P/E ratio of -11.35 and a beta of 1.45. Revolution Medicines has a 12 month low of $29.00 and a 12 month high of $62.40. The firm’s fifty day simple moving average is $42.15 and its 200 day simple moving average is $46.17.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.01) by ($0.11). On average, equities research analysts predict that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In related news, Director Thilo Schroeder purchased 1,304,347 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were acquired at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the purchase, the director now owns 2,096,612 shares in the company, valued at approximately $96,444,152. This represents a 164.64 % increase in their ownership of the stock. The purchase 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 company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $531,815.60. Following the completion of the transaction, the insider now owns 325,056 shares in the company, valued at approximately $14,757,542.40. This trade represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,678 shares of company stock worth $847,981. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its holdings in Revolution Medicines by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 5,037 shares of the company’s stock valued at $220,000 after purchasing an additional 270 shares during the period. Captrust Financial Advisors lifted its holdings in shares of Revolution Medicines by 4.1% during the 3rd quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock worth $384,000 after acquiring an additional 337 shares during the period. KBC Group NV lifted its holdings in shares of Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after acquiring an additional 368 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Revolution Medicines by 11.4% during the 4th quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company’s stock worth $186,000 after acquiring an additional 434 shares during the period. Finally, Amalgamated Bank lifted its holdings in shares of Revolution Medicines by 8.3% during the 4th quarter. Amalgamated Bank now owns 5,707 shares of the company’s stock worth $250,000 after acquiring an additional 435 shares during the period. Institutional investors own 94.34% of the company’s stock.

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.