Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $265.00

Revolution Medicines (NASDAQ:RVMD) had its price objective raised by Bank of America from $225.00 to $265.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on RVMD. Truist Financial upped their price target on Revolution Medicines from $231.00 to $239.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Morgan Stanley initiated coverage on Revolution Medicines in a research note on Thursday, September 10th. They set an “overweight” rating and a $255.00 price objective for the company. UBS Group lifted their target price on Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Sanford C. Bernstein boosted their target price on Revolution Medicines from $151.00 to $179.00 and gave the stock a “market perform” rating in a research report on Friday, August 21st. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $248.00 target price on shares of Revolution Medicines in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $228.21.

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $190.74 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. The business’s 50-day moving average price is $200.03 and its 200 day moving average price is $161.91. Revolution Medicines has a 52-week low of $42.18 and a 52-week high of $224.31. The firm has a market cap of $40.88 billion, a P/E ratio of -21.63 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the prior year, the business earned ($1.31) EPS. As a group, sell-side analysts predict that Revolution Medicines will post -8.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Margaret A. Horn sold 4,967 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the completion of the sale, the chief operating officer directly owned 149,680 shares of the company’s stock, valued at approximately $29,822,243.20. This represents a 3.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Kelsey sold 5,569 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $1,109,567.56. Following the completion of the sale, the insider directly owned 286,307 shares of the company’s stock, valued at approximately $57,043,806.68. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 280,119 shares of company stock valued at $57,238,443 over the last quarter. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently bought and sold shares of the business. Equitable Holdings Inc. purchased a new position in Revolution Medicines during the second quarter valued at approximately $963,000. State of Wyoming acquired a new position in Revolution Medicines in the 2nd quarter valued at approximately $1,769,000. Handelsbanken Fonder AB lifted its position in Revolution Medicines by 243.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after buying an additional 150,500 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Revolution Medicines in the 2nd quarter worth approximately $112,566,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Revolution Medicines during the 2nd quarter valued at $37,547,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.