Revolution Medicines (NASDAQ:RVMD) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $198.21 and traded as high as $201.79. Revolution Medicines shares last traded at $199.70, with a volume of 2,528,849 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Oppenheimer lifted their target price on Revolution Medicines from $230.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. TD Cowen reaffirmed a “buy” rating and issued a $250.00 price target on shares of Revolution Medicines in a research note on Wednesday, October 21st. Wolfe Research reiterated an “outperform” rating and set a $220.00 price objective on shares of Revolution Medicines in a report on Monday, August 10th. The Goldman Sachs Group started coverage on shares of Revolution Medicines in a research report on Thursday, September 24th. They set a “buy” rating and a $267.00 target price on the stock. Finally, Royal Bank Of Canada lifted their price target on shares of Revolution Medicines from $259.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $242.90.

Revolution Medicines Stock Performance

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 firm has a 50 day moving average price of $198.21 and a 200 day moving average price of $156.90. The stock has a market cap of $42.80 billion, a PE ratio of -22.64 and a beta of 1.44.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.35) by $0.45. The business had revenue of $197.56 million during the quarter, compared to analysts’ expectations of $25.58 million. During the same period last year, the company earned ($1.61) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -8.94 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In other news, insider Mark Goldsmith sold 80,000 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $209.20, for a total value of $16,736,000.00. Following the completion of the sale, the insider owned 267,330 shares in the company, valued at approximately $55,925,436. The trade was a 23.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth Anderson sold 10,143 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.04, for a total transaction of $1,958,004.72. Following the completion of the sale, the director directly owned 4,333 shares of the company’s stock, valued at $836,442.32. The trade was a 70.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently bought and sold shares of RVMD. Lido Advisors LLC bought a new stake in Revolution Medicines during the 3rd quarter valued at $1,687,000. AlphaCore Capital LLC bought a new position in shares of Revolution Medicines in the 3rd quarter worth $361,000. Fulcrum Asset Management LLP purchased a new stake in shares of Revolution Medicines during the 3rd quarter worth $197,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Revolution Medicines by 1,258.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 29,442 shares of the company’s stock worth $6,062,000 after purchasing an additional 27,275 shares during the last quarter. Finally, Brighton Jones LLC lifted its stake in shares of Revolution Medicines by 2.9% during the 3rd quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock worth $732,000 after purchasing an additional 99 shares during the last quarter. Institutional investors 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.