Revolution Medicines (NASDAQ:RVMD) Stock Gets Price Target Bump from Truist Financial

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by stock analysts at Truist Financial from $240.00 to $241.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 32.94% from the stock’s previous close.

RVMD has been the subject of a number of other research reports. Sanford C. Bernstein raised their target price on shares of Revolution Medicines from $151.00 to $179.00 and gave the company a “market perform” rating in a research report on Friday, August 21st. Bank of America boosted their price target on shares of Revolution Medicines from $225.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, September 21st. Stifel Nicolaus increased their price objective on shares of Revolution Medicines from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. TD Cowen restated a “buy” rating on shares of Revolution Medicines in a report on Thursday, October 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Revolution Medicines in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Revolution Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.60.

Revolution Medicines Price Performance

Shares of RVMD opened at $181.29 on Monday. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a twelve month low of $52.48 and a twelve month high of $224.31. The stock has a market capitalization of $38.86 billion, a P/E ratio of -20.75 and a beta of 1.40. The company has a 50 day moving average of $203.22 and a 200-day moving average of $173.99.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same period last year, the company earned ($1.31) EPS. As a group, equities research analysts forecast that Revolution Medicines will post -8.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Elizabeth M. Anderson sold 10,143 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $193.04, for a total value of $1,958,004.72. Following the completion of the transaction, the director directly owned 4,333 shares of the company’s stock, valued at approximately $836,442.32. This trade represents a 70.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Margaret A. Horn sold 4,967 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total transaction of $989,625.08. Following the transaction, the chief operating officer owned 149,680 shares in the company, valued at approximately $29,822,243.20. The trade was a 3.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 290,991 shares of company stock worth $59,422,765 in the last quarter. 7.60% of the stock is owned by company insiders.

Institutional Trading of Revolution Medicines

Large investors have recently added to or reduced their stakes in the company. Alphabet Inc. acquired a new position in shares of Revolution Medicines during the 2nd quarter worth about $551,843,000. Assenagon Asset Management S.A. raised its holdings in shares of Revolution Medicines by 987.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock valued at $447,710,000 after purchasing an additional 1,980,699 shares during the period. Bank of America Corp DE acquired a new stake in Revolution Medicines in the 2nd quarter valued at about $184,267,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Revolution Medicines by 82.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 912,335 shares of the company’s stock worth $170,862,000 after purchasing an additional 411,740 shares during the period. Finally, Deutsche Bank AG bought a new position in Revolution Medicines during the second quarter worth about $166,308,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.