Revolution Medicines (NASDAQ:RVMD) Stock Jumps 4.4% After Analyst Upgrade

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price rose 4.4% during trading on Friday after The Goldman Sachs Group upgraded the stock to a strong-buy rating. The stock traded as high as $206.86 and last traded at $208.7220. 781,775 shares changed hands during trading, a decline of 73% from the average session volume of 2,907,918 shares. The stock had previously closed at $199.86.

A number of other analysts have also recently commented on RVMD. HC Wainwright lifted their price target on Revolution Medicines from $195.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 27th. TD Cowen raised Revolution Medicines to a “strong-buy” rating in a report on Monday, August 24th. Wolfe Research reissued an “outperform” rating and set a $220.00 price target on shares of Revolution Medicines in a research report on Monday, August 10th. Oppenheimer lifted their price objective on shares of Revolution Medicines from $230.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Finally, Needham & Company LLC raised their target price on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and a consensus target price of $230.15.

Insider Activity at Revolution Medicines

In other news, Director Sushil Patel sold 5,580 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director directly owned 21,656 shares in the company, valued at $4,071,111.44. This trade represents a 20.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lorence H. Kim sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $203.24, for a total value of $11,381,440.00. Following the completion of the sale, the director owned 17,090 shares of the company’s stock, valued at $3,473,371.60. This trade represents a 76.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 290,262 shares of company stock valued at $59,196,448 in the last 90 days. 7.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in Revolution Medicines by 8.3% during the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock worth $980,036,000 after purchasing an additional 947,448 shares during the last quarter. Alphabet Inc. acquired a new stake in shares of Revolution Medicines in the second quarter valued at about $551,843,000. ABS Investment Management LLC purchased a new position in shares of Revolution Medicines in the second quarter worth about $337,104,000. Geode Capital Management LLC lifted its stake in shares of Revolution Medicines by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,161,963 shares of the company’s stock worth $251,912,000 after buying an additional 16,323 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in Revolution Medicines by 13.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,845,013 shares of the company’s stock worth $226,605,000 after acquiring an additional 331,046 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Up 4.4%

The stock has a market capitalization of $44.74 billion, a price-to-earnings ratio of -23.61 and a beta of 1.40. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average is $200.44 and its two-hundred day moving average is $162.63.

Revolution Medicines (NASDAQ:RVMD) last released 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 quarter in the prior year, the business posted ($1.31) EPS. Equities analysts anticipate that Revolution Medicines, Inc. will post -8.87 EPS for the current year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.