Revolution Medicines (NASDAQ:RVMD) Stock Price Target Raised at Piper Sandler

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by Piper Sandler from $210.00 to $222.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen reiterated a “buy” rating and set a $250.00 price target on shares of Revolution Medicines in a research report on Wednesday, October 21st. Bank of America reduced their price objective on shares of Revolution Medicines from $265.00 to $264.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Royal Bank Of Canada lifted their target price on shares of Revolution Medicines from $259.00 to $260.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Wedbush lifted their target price on shares of Revolution Medicines from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. Finally, Oppenheimer upped their target price on shares of Revolution Medicines from $230.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. 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, Revolution Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $259.65.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $177.65 on Thursday. The business’s 50-day simple moving average is $197.46 and its 200 day simple moving average is $157.18. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a 12-month low of $58.91 and a 12-month high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, topping the consensus estimate of ($2.35) by $0.45. The firm had revenue of $197.56 million for the quarter, compared to the consensus estimate of $25.58 million. During the same period in the prior year, the firm posted ($1.61) earnings per share. On average, equities analysts predict that Revolution Medicines will post -8.94 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, Director Lorence Kim sold 56,000 shares of Revolution Medicines stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $203.24, for a total transaction of $11,381,440.00. Following the transaction, the director owned 17,090 shares of the company’s stock, valued at $3,473,371.60. This trade represents a 76.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elizabeth Anderson sold 10,143 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $193.04, for a total transaction of $1,958,004.72. Following the transaction, the director owned 4,333 shares of the company’s stock, valued at approximately $836,442.32. This represents a 70.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 290,991 shares of company stock worth $59,422,765 over the last ninety days. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in Revolution Medicines by 56.2% during the third quarter. Fifth Third Bancorp now owns 4,100 shares of the company’s stock worth $842,000 after acquiring an additional 1,475 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in Revolution Medicines by 14.6% in the third quarter. Maryland State Retirement & Pension System now owns 11,608 shares of the company’s stock valued at $2,383,000 after acquiring an additional 1,478 shares during the period. Ritholtz Wealth Management increased its holdings in shares of Revolution Medicines by 10.6% in the third quarter. Ritholtz Wealth Management now owns 4,480 shares of the company’s stock worth $920,000 after acquiring an additional 429 shares in the last quarter. Lido Advisors LLC bought a new stake in shares of Revolution Medicines in the third quarter worth about $1,687,000. Finally, AlphaCore Capital LLC bought a new stake in shares of Revolution Medicines in the third quarter worth about $361,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

More Revolution Medicines News

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: RASONQUE generated about $197.6 million in net product revenue during its first five weeks on the U.S. market, far exceeding revenue estimates. The drug received FDA approval for certain patients with metastatic pancreatic cancer, and European regulators issued a positive recommendation for authorization. Company Q3 results and update
• Positive Sentiment: Analysts raised their targets and maintained bullish ratings after the results. RBC raised its target to $321, Guggenheim to $298, TD Cowen to $270, Truist to $261, and Piper Sandler to $222. RBC price-target update
• Neutral Sentiment: Quarterly revenue and adjusted loss per share both beat consensus estimates. However, the company’s loss per share was wider than a year earlier, and the quarter’s revenue largely reflects the initial launch period. Q3 results
• Negative Sentiment: Commentary cited RVMD’s roughly $40 billion valuation and high investor expectations as potential limits on further upside until RASONQUE demonstrates sustained commercial traction or the pipeline delivers pivotal data. That may help explain why shares fell despite the strong launch and analyst upgrades. Q3 earnings and valuation commentary

Revolution Medicines Company Profile

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.