Revolution Medicines (NASDAQ:RVMD) Stock Gets Price Target Bump from Piper Sandler

Revolution Medicines (NASDAQ:RVMD) had its price target lifted by equities researchers at Piper Sandler from $210.00 to $222.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler‘s price target points to a potential upside of 19.85% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $248.00 price target on shares of Revolution Medicines in a report on Thursday, August 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $275.00 price target on shares of Revolution Medicines in a research report on Thursday, October 15th. Bank of America reduced their price objective on Revolution Medicines from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. HC Wainwright boosted their price objective on Revolution Medicines from $195.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Finally, William Blair initiated coverage on Revolution Medicines in a research note on Friday, October 16th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $247.33.

Revolution Medicines Price Performance

Shares of RVMD traded down $14.46 during mid-day trading on Thursday, hitting $185.24. The company’s stock had a trading volume of 2,769,108 shares, compared to its average volume of 2,782,762. The firm has a 50-day simple moving average of $198.21 and a 200 day simple moving average of $156.90. The firm has a market capitalization of $39.70 billion, a P/E ratio of -21.15 and a beta of 1.44. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a 1-year low of $58.91 and a 1-year high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, November 4th. The company reported ($1.90) EPS for the quarter, topping the consensus estimate of ($2.35) by $0.45. The company had revenue of $197.56 million for the quarter, compared to analysts’ expectations of $25.58 million. During the same quarter in the previous year, the firm posted ($1.61) earnings per share. Analysts predict that Revolution Medicines will post -8.94 EPS for the current fiscal year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 13,988 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $2,786,969.12. Following the completion of the transaction, the insider owned 253,342 shares in the company, valued at $50,475,860.08. This trade represents a 5.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan B. Sandler sold 6,309 shares of the stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $202.14, for a total value of $1,275,301.26. Following the completion of the sale, the insider owned 52,559 shares of the company’s stock, valued at $10,624,276.26. The trade was a 10.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 290,991 shares of company stock valued at $59,422,765 over the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lido Advisors LLC acquired a new stake in shares of Revolution Medicines in the 3rd quarter valued at $1,687,000. AlphaCore Capital LLC acquired a new position in Revolution Medicines in the third quarter worth about $361,000. Fulcrum Asset Management LLP acquired a new stake in shares of Revolution Medicines in the 3rd quarter valued at $197,000. Allspring Global Investments Holdings LLC increased its holdings in Revolution Medicines by 1,258.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 29,442 shares of the company’s stock valued at $6,062,000 after purchasing an additional 27,275 shares in the last quarter. Finally, Brighton Jones LLC lifted its position in shares of Revolution Medicines by 2.9% during the third quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock worth $732,000 after purchasing an additional 99 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Key Revolution Medicines News

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: The company said the FDA approved and it launched RASONQUE (daraxonrasib) for eligible adults with metastatic pancreatic cancer. The drug generated $198 million in net product revenue in the quarter, despite being available for only part of the period. The EU’s CHMP also recommended marketing authorization. Company earnings and corporate progress release
• Positive Sentiment: Third-quarter loss was $1.90 per share, narrower than analysts’ $2.35 loss estimate. Revenue of $197.56 million also exceeded the $25.58 million consensus estimate, reflecting the new product sales. Zacks earnings report
• Positive Sentiment: Analyst updates were supportive: Guggenheim raised its target to $298 and reiterated Buy, while Truist reaffirmed Buy and lifted its target to $261. Guggenheim rating information Truist rating information
• Negative Sentiment: RVMD still reported a quarterly loss, which widened from $1.61 per share in the year-ago quarter to $1.90. This ongoing lack of profitability may temper enthusiasm around the launch and sales outlook.

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.