Revolution Medicines (NASDAQ:RVMD) Hits New 1-Year High – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high on Monday . The stock traded as high as $166.65 and last traded at $165.6250, with a volume of 995531 shares trading hands. The stock had previously closed at $162.99.

Analysts Set New Price Targets

Several brokerages have issued reports on RVMD. Guggenheim upped their price target on shares of Revolution Medicines to $205.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Truist Financial started coverage on Revolution Medicines in a research report on Monday, May 18th. They set a “buy” rating and a $179.00 price target for the company. HC Wainwright boosted their price target on Revolution Medicines from $169.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Wedbush restated an “outperform” rating on shares of Revolution Medicines in a research report on Monday, June 1st. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and a consensus target price of $123.72.

Revolution Medicines Price Performance

The company has a market capitalization of $35.05 billion, a price-to-earnings ratio of -23.34 and a beta of 1.40. The company has a fifty day simple moving average of $147.04 and a two-hundred day simple moving average of $113.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period last year, the business posted ($1.13) earnings per share. As a group, research analysts anticipate that Revolution Medicines, Inc. will post -7.94 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $150.09, for a total value of $18,010,800.00. Following the sale, the insider directly owned 276,698 shares of the company’s stock, valued at approximately $41,529,602.82. This trade represents a 30.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $160.17, for a total transaction of $9,674,268.00. Following the transaction, the chief operating officer directly owned 158,222 shares in the company, valued at approximately $25,342,417.74. This represents a 27.63% decrease in their position. 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 90 days, insiders have sold 226,917 shares of company stock valued at $35,065,702. Insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nextech Invest Ltd. lifted its stake in shares of Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after purchasing an additional 1,304,347 shares in the last quarter. Millennium Management LLC raised its holdings in Revolution Medicines by 681.8% in the first quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock valued at $5,529,000 after buying an additional 136,353 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Revolution Medicines by 14.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock valued at $10,615,000 after buying an additional 37,345 shares in the last quarter. Invesco Ltd. grew its stake in Revolution Medicines by 19.3% during the second quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after buying an additional 36,760 shares during the period. Finally, Jump Financial LLC increased its position in shares of Revolution Medicines by 87.9% in the second quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after acquiring an additional 7,137 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.