Revolution Medicines (NASDAQ:RVMD) Stock Price Target Cut by Morgan Stanley

Revolution Medicines (NASDAQ:RVMD) had its target price decreased by Morgan Stanley from $272.00 to $247.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley‘s target price points to a potential upside of 43.89% from the company’s current price.

Several other analysts have also weighed in on RVMD. Bank of America reduced their price objective on Revolution Medicines from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $275.00 price target on shares of Revolution Medicines in a report on Thursday, October 15th. Wall Street Zen upgraded shares of Revolution Medicines from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Wedbush increased their price objective on shares of Revolution Medicines from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Finally, Royal Bank Of Canada raised their target price on shares of Revolution Medicines from $260.00 to $321.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $262.75.

Revolution Medicines Trading Down 2.7%

Shares of NASDAQ:RVMD traded down $4.70 during mid-day trading on Friday, reaching $171.66. The stock had a trading volume of 1,380,810 shares, compared to its average volume of 2,807,833. Revolution Medicines has a twelve month low of $63.50 and a twelve month high of $224.31. The company has a current ratio of 8.36, a quick ratio of 8.34 and a debt-to-equity ratio of 0.44. The firm has a market cap of $37.13 billion, a PE ratio of -18.81 and a beta of 1.44. The firm has a 50 day simple moving average of $195.24 and a two-hundred day simple moving average of $159.06.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.35) by $0.45. The business had revenue of $197.56 million during the quarter, compared to analyst estimates of $25.58 million. During the same period in the previous year, the business earned ($1.61) earnings per share. On average, research analysts predict that Revolution Medicines will post -7.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Elizabeth Anderson sold 10,143 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $193.04, for a total value of $1,958,004.72. Following the sale, the director directly owned 4,333 shares of the company’s stock, valued at approximately $836,442.32. This represents a 70.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jack Anders sold 4,053 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total transaction of $807,519.72. Following the sale, the chief financial officer directly owned 119,216 shares in the company, valued at $23,752,595.84. This trade represents a 3.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 290,991 shares of company stock valued at $59,422,765. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System raised its stake in Revolution Medicines by 6.4% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 172,511 shares of the company’s stock valued at $35,410,000 after buying an additional 10,367 shares during the last quarter. Insigneo Advisory Services LLC purchased a new position in shares of Revolution Medicines in the third quarter worth approximately $215,000. Meeder Advisory Services Inc. grew its position in Revolution Medicines by 6.2% during the third quarter. Meeder Advisory Services Inc. now owns 4,167 shares of the company’s stock valued at $855,000 after buying an additional 245 shares during the period. Winslow Capital Management LLC bought a new stake in Revolution Medicines during the third quarter valued at approximately $260,191,000. Finally, First Trust Advisors LP increased its holdings in Revolution Medicines by 649.8% during the third quarter. First Trust Advisors LP now owns 200,141 shares of the company’s stock valued at $41,081,000 after buying an additional 173,447 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc. is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company’s research centers on RAS proteins, which can contribute to the growth of many cancers. The company’s pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.