Revolution Medicines (NASDAQ:RVMD) Shares Climb 5.5% on Analyst Upgrade

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) rose 5.5% on Tuesday after Truist Financial raised their price target on the stock from $240.00 to $241.00. Truist Financial currently has a buy rating on the stock. Revolution Medicines traded as high as $188.00 and last traded at $192.23. 104,302 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 2,840,500 shares. The stock had previously closed at $182.15.

A number of other research analysts also recently commented on RVMD. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research report on Thursday. UBS Group boosted their price target on shares of Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Mizuho increased their price objective on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, July 6th. William Blair started coverage on shares of Revolution Medicines in a research report on Friday. They set an “outperform” rating for the company. Finally, Royal Bank Of Canada boosted their target price on Revolution Medicines from $259.00 to $260.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.60.

Insider Activity

In other Revolution Medicines news, insider Alan Sandler sold 6,309 shares of the business’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $202.14, for a total value of $1,275,301.26. Following the completion of the transaction, the insider directly owned 52,559 shares in the company, valued at approximately $10,624,276.26. The trade was a 10.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Margaret Horn sold 4,967 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $989,625.08. Following the completion of the transaction, the chief operating officer owned 149,680 shares of the company’s stock, valued at $29,822,243.20. The trade was a 3.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 290,991 shares of company stock valued at $59,422,765 in the last 90 days. Insiders own 7.60% of the company’s stock.

Institutional Trading of Revolution Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SteelPeak Wealth LLC bought a new position in shares of Revolution Medicines in the 3rd quarter valued at about $1,520,000. IFP Advisors Inc boosted its holdings in shares of Revolution Medicines by 8.7% in the third quarter. IFP Advisors Inc now owns 810 shares of the company’s stock valued at $166,000 after buying an additional 65 shares during the period. Vontobel Holding Ltd. acquired a new stake in shares of Revolution Medicines during the third quarter worth $810,000. TD Waterhouse Canada Inc. lifted its position in Revolution Medicines by 37.0% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 370 shares of the company’s stock valued at $76,000 after acquiring an additional 100 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Revolution Medicines by 987.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock valued at $447,710,000 after acquiring an additional 1,980,699 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

The stock has a market capitalization of $41.37 billion, a price-to-earnings ratio of -21.91 and a beta of 1.40. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $202.72 and its two-hundred day moving average is $174.59.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same period last year, the company earned ($1.31) EPS. Analysts expect that Revolution Medicines, Inc. will post -8.93 earnings per share for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.