Revolution Medicines (NASDAQ:RVMD) Reaches New 1-Year High – Here’s What Happened

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) hit a new 52-week high during trading on Monday . The company traded as high as $194.56 and last traded at $192.51, with a volume of 127605 shares. The stock had previously closed at $189.23.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Revolution Medicines from $179.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Needham & Company LLC lifted their target price on shares of Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Oppenheimer boosted their target price on shares of Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Mizuho increased their price target on Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Guggenheim raised their price target on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.67.

Revolution Medicines Stock Down 2.2%

The company’s 50-day moving average price is $170.47 and its 200 day moving average price is $133.44. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The stock has a market cap of $39.09 billion, a PE ratio of -26.01 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the firm earned ($1.13) EPS. As a group, analysts forecast that Revolution Medicines, Inc. will post -7.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at $45,567,681.12. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the completion of the sale, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at $20,749,870.77. This represents a 13.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Revolution Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of RVMD. Norges Bank purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $195,568,000. Avoro Capital Advisors LLC purchased a new stake in Revolution Medicines in the 4th quarter worth $172,840,000. UBS Group AG increased its stake in Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock worth $245,954,000 after buying an additional 1,998,972 shares in the last quarter. Polar Capital Holdings Plc raised its holdings in Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after acquiring an additional 1,535,686 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Revolution Medicines by 197.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after acquiring an additional 1,463,155 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

About Revolution Medicines

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.