Wedbush Reaffirms Outperform Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a research report issued to clients and investors on Tuesday,RTT News reports. They presently have a $73.00 price target on the stock, up from their prior price target of $67.00. Wedbush’s price objective indicates a potential upside of 90.05% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Needham & Company LLC restated a “buy” rating and issued a $57.00 price target on shares of Revolution Medicines in a report on Tuesday. Oppenheimer upped their price target on Revolution Medicines from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, May 8th. Stifel Nicolaus decreased their price target on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Finally, Guggenheim decreased their price target on Revolution Medicines from $87.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and a consensus price target of $67.58.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $38.41 on Tuesday. Revolution Medicines has a 1 year low of $29.17 and a 1 year high of $62.40. The stock has a market capitalization of $7.15 billion, a P/E ratio of -9.60 and a beta of 1.10. The stock has a 50-day simple moving average of $39.59 and a 200-day simple moving average of $40.13.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.01). During the same period last year, the firm posted ($0.70) earnings per share. Analysts predict that Revolution Medicines will post -3.49 earnings per share for the current year.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in shares of Revolution Medicines by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 12,792 shares of the company’s stock valued at $452,000 after purchasing an additional 259 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of 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 in the last quarter. Russell Investments Group Ltd. raised its position in shares of Revolution Medicines by 11.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company’s stock valued at $186,000 after purchasing an additional 434 shares in the last quarter. Amalgamated Bank raised its position in shares of Revolution Medicines by 8.3% in the 4th quarter. Amalgamated Bank now owns 5,707 shares of the company’s stock valued at $250,000 after purchasing an additional 435 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Revolution Medicines by 5.0% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 11,398 shares of the company’s stock valued at $498,000 after purchasing an additional 545 shares in the last quarter. 94.34% of the stock is 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.