Revolution Medicines (NASDAQ:RVMD) Stock Gets Price Target Increase from Royal Bank Of Canada

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by Royal Bank Of Canada from $259.00 to $260.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 33.83% from the stock’s previous close.

Several other research firms also recently weighed in on RVMD. Mizuho boosted their price target on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. TD Cowen reissued a “buy” rating on shares of Revolution Medicines in a report on Thursday, October 8th. Stifel Nicolaus boosted their price objective on shares of Revolution Medicines from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Bank of America upped their price target on Revolution Medicines from $225.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, September 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.81.

Revolution Medicines Stock Up 3.1%

RVMD traded up $5.83 during trading on Wednesday, hitting $194.27. 65,038 shares of the company’s stock were exchanged, compared to its average volume of 2,852,551. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $204.01 and its two-hundred day moving average is $172.00. The stock has a market cap of $41.64 billion, a P/E ratio of -22.18 and a beta of 1.40. Revolution Medicines has a fifty-two week low of $47.45 and a fifty-two week high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period last year, the company earned ($1.31) EPS. As a group, equities analysts expect that Revolution Medicines will post -8.98 earnings per share for the current fiscal year.

Insider Activity

In other Revolution Medicines news, insider Stephen Kelsey sold 92,531 shares of Revolution Medicines stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the transaction, the insider owned 291,876 shares of the company’s stock, valued at $59,064,027.36. The trade was a 24.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan Sandler sold 6,309 shares of Revolution Medicines stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $202.14, for a total transaction of $1,275,301.26. Following the transaction, the insider owned 52,559 shares in the company, valued at approximately $10,624,276.26. This trade represents a 10.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Burkett Financial Services LLC acquired a new position in Revolution Medicines in the third quarter valued at $27,000. Contravisory Investment Management Inc. acquired a new position in shares of Revolution Medicines during the 2nd quarter worth $32,000. Johnson Financial Group Inc. purchased a new stake in Revolution Medicines during the second quarter worth $37,000. Silvant Capital Management LLC purchased a new stake in shares of Revolution Medicines in the second quarter valued at about $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Revolution Medicines in the second quarter valued at $41,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company’s research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.