Revolution Medicines (NASDAQ:RVMD) Upgraded to “Strong-Buy” at Evercore

Evercore upgraded shares of Revolution Medicines (NASDAQ:RVMD) to a strong-buy rating in a research note released on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on RVMD. Wolfe Research assumed coverage on Revolution Medicines in a research note on Tuesday, November 18th. They issued an “outperform” rating and a $75.00 target price for the company. UBS Group raised shares of Revolution Medicines to a “strong-buy” rating in a research note on Thursday, December 4th. Benchmark reissued an “overweight” rating on shares of Revolution Medicines in a research note on Tuesday, February 17th. Royal Bank Of Canada assumed coverage on shares of Revolution Medicines in a report on Monday, November 3rd. They issued an “outperform” rating and a $77.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Revolution Medicines from $71.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $78.94.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $103.24 on Wednesday. The stock has a market capitalization of $19.96 billion, a price-to-earnings ratio of -19.97 and a beta of 1.01. The firm’s 50-day moving average price is $98.19 and its two-hundred day moving average price is $69.66. The company has a current ratio of 8.05, a quick ratio of 8.05 and a debt-to-equity ratio of 0.16. Revolution Medicines has a 1-year low of $29.17 and a 1-year high of $124.49.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, February 25th. The company reported ($1.86) EPS for the quarter, missing the consensus estimate of ($1.56) by ($0.30). During the same period last year, the business earned ($1.12) earnings per share. On average, equities analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Margaret A. Horn sold 75,000 shares of the company’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $100.56, for a total value of $7,542,000.00. Following the completion of the sale, the chief operating officer owned 141,053 shares in the company, valued at approximately $14,184,289.68. This represents a 34.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 15,394 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were 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 trade represents a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 113,792 shares of company stock valued at $10,734,640 in the last three months. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its position in shares of Revolution Medicines by 83.1% in the 4th quarter. Invesco Ltd. now owns 367,851 shares of the company’s stock valued at $29,299,000 after buying an additional 166,909 shares in the last quarter. Corient Private Wealth LLC bought a new stake in shares of Revolution Medicines in the fourth quarter worth about $215,000. ADAR1 Capital Management LLC raised its position in shares of Revolution Medicines by 4.3% during the fourth quarter. ADAR1 Capital Management LLC now owns 145,079 shares of the company’s stock worth $11,556,000 after purchasing an additional 5,943 shares during the period. Empowered Funds LLC acquired a new stake in shares of Revolution Medicines during the fourth quarter worth about $77,000. Finally, KVP Capital Advisors LP bought a new position in shares of Revolution Medicines during the 4th quarter valued at about $2,190,000. 94.34% of the stock is owned by institutional investors.

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.