HC Wainwright Forecasts Strong Price Appreciation for Revolution Medicines (NASDAQ:RVMD) Stock

Revolution Medicines (NASDAQ:RVMD) had its price target upped by HC Wainwright from $72.00 to $73.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 19.65% from the company’s current price.

Several other equities analysts have also issued reports on the company. The Goldman Sachs Group upped their target price on Revolution Medicines from $65.00 to $73.00 and gave the company a “buy” rating in a report on Friday, September 12th. Royal Bank Of Canada started coverage on Revolution Medicines in a research note on Monday, November 3rd. They issued an “outperform” rating and a $77.00 price objective for the company. Mizuho assumed coverage on Revolution Medicines in a research note on Tuesday, October 21st. They set an “outperform” rating and a $90.00 target price on the stock. Piper Sandler began coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They set an “overweight” rating and a $75.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Revolution Medicines in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $78.71.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $61.01 on Thursday. The company has a fifty day moving average price of $48.63 and a 200-day moving average price of $41.98. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of -11.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 8.05 and a quick ratio of 11.79. Revolution Medicines has a 1 year low of $29.17 and a 1 year high of $63.15.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($1.61) earnings per share for the quarter, missing the consensus estimate of ($1.39) by ($0.22). During the same period last year, the firm posted ($0.94) EPS. As a group, equities research analysts predict that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lin Wei sold 2,160 shares of Revolution Medicines stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total value of $98,971.20. Following the completion of the transaction, the insider directly owned 88,339 shares in the company, valued at approximately $4,047,692.98. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Michael Kelsey sold 100,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.08, for a total value of $4,408,000.00. Following the sale, the insider directly owned 289,414 shares in the company, valued at $12,757,369.12. This trade represents a 25.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 188,033 shares of company stock worth $8,456,208 in the last three months. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Revolution Medicines by 45.1% in the 3rd quarter. GAMMA Investing LLC now owns 837 shares of the company’s stock valued at $39,000 after purchasing an additional 260 shares during the period. CWM LLC raised its position in shares of Revolution Medicines by 171.3% in the second quarter. CWM LLC now owns 917 shares of the company’s stock worth $34,000 after buying an additional 579 shares in the last quarter. Banque Transatlantique SA bought a new stake in Revolution Medicines during the first quarter valued at $42,000. Quarry LP bought a new stake in Revolution Medicines during the first quarter valued at $50,000. Finally, Twin Tree Management LP purchased a new position in Revolution Medicines during the first quarter worth about $58,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.