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

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by equities research analysts at Wedbush from $42.00 to $46.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 20.07% from the company’s current price.

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

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $38.31 on Thursday. Revolution Medicines has a 1-year low of $15.44 and a 1-year high of $40.21. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of -10.16 and a beta of 1.46. The business has a 50-day moving average of $33.59 and a 200-day moving average of $28.45.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, May 8th. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.05. Revolution Medicines’s revenue was down 100.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.72) EPS. Research analysts expect that Revolution Medicines will post -3.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jack Anders sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $40.03, for a total transaction of $400,300.00. Following the completion of the transaction, the chief financial officer now directly owns 101,959 shares in the company, valued at $4,081,418.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $40.03, for a total value of $400,300.00. Following the completion of the sale, the chief financial officer now directly owns 101,959 shares of the company’s stock, valued at approximately $4,081,418.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Margaret A. Horn sold 2,914 shares of Revolution Medicines stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $92,024.12. Following the completion of the transaction, the chief operating officer now owns 139,553 shares in the company, valued at approximately $4,407,083.74. The disclosure for this sale can be found here. Insiders have sold a total of 28,705 shares of company stock worth $1,031,049 over the last quarter. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC boosted its position in Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after acquiring an additional 885 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Revolution Medicines by 101.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,802 shares of the company’s stock valued at $78,000 after purchasing an additional 1,409 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in shares of Revolution Medicines during the 4th quarter worth about $80,000. Allspring Global Investments Holdings LLC bought a new position in Revolution Medicines during the first quarter valued at approximately $104,000. Finally, Fred Alger Management LLC acquired a new stake in Revolution Medicines in the third quarter valued at approximately $126,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

About Revolution Medicines

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.