Revolution Medicines (NASDAQ:RVMD) Given New $298.00 Price Target at Guggenheim

Revolution Medicines (NASDAQ:RVMD) had its price target upped by Guggenheim from $275.00 to $298.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Wedbush raised their price objective on Revolution Medicines from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. TD Cowen reiterated a “buy” rating and issued a $250.00 target price on shares of Revolution Medicines in a report on Wednesday, October 21st. Brookline Capital Markets started coverage on shares of Revolution Medicines in a research report on Monday, September 28th. They issued a “buy” rating and a $318.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Revolution Medicines in a report on Thursday, September 24th. They set a “buy” rating and a $267.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $275.00 price target on shares of Revolution Medicines in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $259.65.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $177.65 on Thursday. The company has a 50 day moving average price of $197.46 and a 200 day moving average price of $157.18. Revolution Medicines has a 52 week low of $58.91 and a 52 week high of $224.31. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40.

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 business had revenue of $197.56 million during the quarter, compared to analyst estimates of $25.58 million. During the same period last year, the business earned ($1.61) EPS. On average, equities analysts forecast that Revolution Medicines will post -8.94 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Stephen Kelsey sold 92,531 shares of Revolution Medicines stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the completion of the sale, the insider directly owned 291,876 shares in the company, valued at $59,064,027.36. The trade was a 24.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $209.20, for a total value of $16,736,000.00. Following the completion of the sale, the insider directly owned 267,330 shares of the company’s stock, valued at approximately $55,925,436. The trade was a 23.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 290,991 shares of company stock worth $59,422,765. Insiders own 7.60% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of institutional investors have recently added to or reduced their stakes in RVMD. Burkett Financial Services LLC bought a new position in Revolution Medicines during the third quarter valued at about $27,000. Contravisory Investment Management Inc. bought a new stake in shares of Revolution Medicines during the 2nd quarter worth about $32,000. ABS Investment Management LLC bought a new stake in shares of Revolution Medicines during the 2nd quarter worth about $337,104,000. Johnson Financial Group Inc. acquired a new position in shares of Revolution Medicines during the 2nd quarter valued at about $37,000. Finally, Mather Group LLC. acquired a new position in shares of Revolution Medicines during the 3rd quarter valued at about $41,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

More Revolution Medicines News

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

• Positive Sentiment: RASONQUE generated about $197.6 million in net product revenue during its first five weeks on the U.S. market, far exceeding revenue estimates. The drug received FDA approval for certain patients with metastatic pancreatic cancer, and European regulators issued a positive recommendation for authorization. Company Q3 results and update
• Positive Sentiment: Analysts raised their targets and maintained bullish ratings after the results. RBC raised its target to $321, Guggenheim to $298, TD Cowen to $270, Truist to $261, and Piper Sandler to $222. RBC price-target update
• Neutral Sentiment: Quarterly revenue and adjusted loss per share both beat consensus estimates. However, the company’s loss per share was wider than a year earlier, and the quarter’s revenue largely reflects the initial launch period. Q3 results
• Negative Sentiment: Commentary cited RVMD’s roughly $40 billion valuation and high investor expectations as potential limits on further upside until RASONQUE demonstrates sustained commercial traction or the pipeline delivers pivotal data. That may help explain why shares fell despite the strong launch and analyst upgrades. Q3 earnings and valuation commentary

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.