Revolution Medicines (NASDAQ:RVMD) Sets New 52-Week High – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $82.00 and last traded at $82.2760, with a volume of 53653 shares trading hands. The stock had previously closed at $79.85.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several recent research reports. Royal Bank Of Canada began coverage on Revolution Medicines in a research note on Monday, November 3rd. They issued an “outperform” rating and a $77.00 price objective for the company. Needham & Company LLC raised their target price on shares of Revolution Medicines from $66.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Wolfe Research began coverage on shares of Revolution Medicines in a research note on Tuesday, November 18th. They issued an “outperform” rating and a $75.00 price target for the company. Wells Fargo & Company boosted their price target on shares of Revolution Medicines from $67.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Finally, UBS Group upgraded shares of Revolution Medicines to a “strong-buy” rating in a report on Thursday, December 4th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Buy” and a consensus target price of $78.50.

Revolution Medicines Stock Up 2.1%

The company has a debt-to-equity ratio of 0.16, a quick ratio of 8.05 and a current ratio of 8.05. The firm’s 50-day moving average price is $73.30 and its two-hundred day moving average price is $52.70. The firm has a market cap of $15.76 billion, a PE ratio of -15.71 and a beta of 0.99.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.22). During the same quarter in the prior year, the business posted ($0.94) EPS. As a group, equities research analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 15,394 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $76.82, for a total value of $1,182,567.08. Following the completion of the sale, the insider directly owned 232,469 shares of the company’s stock, valued at approximately $17,858,268.58. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Margaret A. Horn sold 4,847 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $76.82, for a total transaction of $372,346.54. Following the transaction, the chief operating officer owned 141,053 shares in the company, valued at approximately $10,835,691.46. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 183,792 shares of company stock valued at $12,449,240 in the last 90 days. Company insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently modified their holdings of RVMD. CWM LLC increased its stake in Revolution Medicines by 171.3% in the 2nd quarter. CWM LLC now owns 917 shares of the company’s stock valued at $34,000 after buying an additional 579 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Revolution Medicines by 45.1% in the third quarter. GAMMA Investing LLC now owns 837 shares of the company’s stock valued at $39,000 after acquiring an additional 260 shares in the last quarter. a16z Perennial Management L.P. acquired a new position in shares of Revolution Medicines during the second quarter worth about $67,000. AlphaQuest LLC purchased a new position in Revolution Medicines during the second quarter worth about $73,000. Finally, Danske Bank A S purchased a new position in Revolution Medicines during the third quarter worth about $98,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.