Revolution Medicines (NASDAQ:RVMD) Sets New 1-Year High – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $62.50 and last traded at $62.50, with a volume of 621 shares trading hands. The stock had previously closed at $60.44.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of research analyst reports. Wedbush reissued an “outperform” rating and set a $59.00 price objective on shares of Revolution Medicines in a report on Thursday, August 8th. Barclays boosted their price target on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Oppenheimer lifted their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. HC Wainwright upped their target price on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Guggenheim lifted their price target on Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $61.00.

Revolution Medicines Stock Down 2.1 %

The company’s 50 day simple moving average is $47.92 and its 200 day simple moving average is $43.45.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter last year, the firm earned ($0.99) earnings per share. As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -3.51 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the sale, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the sale, the insider now owns 264,408 shares in the company, valued at approximately $13,085,551.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at $13,486,638.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,866 shares of company stock valued at $6,355,624 in the last 90 days. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Large investors have recently made changes to their positions in the business. Citigroup Inc. boosted its position in Revolution Medicines by 29.5% during the 3rd quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock worth $5,348,000 after purchasing an additional 26,871 shares during the period. Eagle Asset Management Inc. acquired a new position in shares of Revolution Medicines during the third quarter worth about $3,267,000. Charles Schwab Investment Management Inc. boosted its position in shares of Revolution Medicines by 58.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after buying an additional 653,433 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Revolution Medicines in the third quarter valued at about $1,709,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Revolution Medicines during the 3rd quarter valued at about $1,220,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.