Wedbush Boosts Revolution Medicines (NASDAQ:RVMD) Price Target to $46.00

Revolution Medicines (NASDAQ:RVMD) had its price objective hoisted by stock analysts at Wedbush from $42.00 to $46.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 20.07% from the stock’s previous close.

Other analysts have also issued research reports about the company. Raymond James raised Revolution Medicines from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $36.00 to $48.00 in a report on Wednesday, April 10th. Needham & Company LLC reissued a “buy” rating and issued a $46.00 target price on shares of Revolution Medicines in a research report on Thursday. Oppenheimer raised their price target on shares of Revolution Medicines from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, April 12th. Finally, Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, March 11th. They issued an “overweight” rating and a $43.00 price target for the company. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $41.60.

Revolution Medicines Price Performance

RVMD opened at $38.31 on Thursday. The firm has a market cap of $6.53 billion, a PE ratio of -10.16 and a beta of 1.46. The stock has a 50-day moving average price of $33.59 and a 200-day moving average price of $28.45. Revolution Medicines has a 1 year low of $15.44 and a 1 year high of $40.21.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, May 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.05. During the same quarter in the prior year, the company posted ($0.72) earnings per share. Revolution Medicines’s quarterly revenue was down 100.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Revolution Medicines will post -3.18 EPS for the current year.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 2,123 shares of Revolution Medicines stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $67,044.34. Following the transaction, the insider now directly owns 270,909 shares of the company’s stock, valued at approximately $8,555,306.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Stephen Michael Kelsey sold 2,123 shares of Revolution Medicines stock in a transaction on Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $67,044.34. Following the transaction, the insider now owns 270,909 shares in the company, valued at approximately $8,555,306.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Jeff Cislini sold 1,252 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $31.58, for a total value of $39,538.16. Following the completion of the sale, the general counsel now owns 55,874 shares of the company’s stock, valued at approximately $1,764,500.92. The disclosure for this sale can be found here. Insiders have sold 28,705 shares of company stock worth $1,031,049 in the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Revolution Medicines by 40.8% in the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock worth $426,818,000 after buying an additional 4,309,611 shares in the last quarter. Vanguard Group Inc. increased its holdings in Revolution Medicines by 51.8% in the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock valued at $419,714,000 after acquiring an additional 4,990,800 shares during the last quarter. BVF Inc. IL lifted its stake in Revolution Medicines by 50.2% in the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock worth $171,541,000 after purchasing an additional 2,000,000 shares in the last quarter. Bellevue Group AG boosted its holdings in shares of Revolution Medicines by 7.8% during the 4th quarter. Bellevue Group AG now owns 5,091,000 shares of the company’s stock valued at $146,010,000 after purchasing an additional 369,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Revolution Medicines by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,795,421 shares of the company’s stock valued at $51,496,000 after purchasing an additional 133,558 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

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.