Revolution Medicines (NASDAQ:RVMD) Trading Down 4.2% – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price was down 4.2% during mid-day trading on Tuesday . The company traded as low as $49.01 and last traded at $49.64. Approximately 268,400 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,336,484 shares. The stock had previously closed at $51.80.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday. HC Wainwright increased their target price on Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Barclays increased their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Needham & Company LLC restated a “buy” rating and issued a $68.00 target price on shares of Revolution Medicines in a research note on Tuesday. Finally, Piper Sandler lifted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and a consensus price target of $63.00.

Revolution Medicines Stock Down 5.8 %

The company has a market capitalization of $8.21 billion, a P/E ratio of -13.61 and a beta of 1.40. The business has a fifty day moving average price of $51.89 and a 200 day moving average price of $45.35.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period in the previous year, the company posted ($0.99) earnings per share. As a group, equities analysts forecast that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the sale, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This trade represents a 3.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the transaction, the director now owns 13,065 shares in the company, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,866 shares of company stock worth $6,355,624. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares in the last quarter. Quarry LP bought a new position in shares of Revolution Medicines during the 3rd quarter valued at $82,000. Values First Advisors Inc. purchased a new stake in Revolution Medicines during the 3rd quarter valued at about $93,000. Nisa Investment Advisors LLC increased its stake in shares of Revolution Medicines by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 320 shares during the period. Finally, KBC Group NV grew its position in shares of Revolution Medicines by 12.9% in the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after buying an additional 368 shares during the last quarter. Institutional investors own 94.34% of the company’s stock.

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.