Wedbush Reaffirms Outperform Rating for Revolution Medicines (NASDAQ:RVMD)

Wedbush reaffirmed their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research report released on Thursday morning,RTT News reports. Wedbush currently has a $67.00 price objective on the stock.

Several other analysts have also recently commented on RVMD. JPMorgan Chase & Co. raised their target price on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. UBS Group raised their target price on Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Stifel Nicolaus decreased their target price on Revolution Medicines from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Thursday. Needham & Company LLC decreased their target price on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Piper Sandler lifted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $66.23.

Revolution Medicines Stock Down 3.5 %

RVMD opened at $39.08 on Thursday. The firm has a market cap of $6.57 billion, a PE ratio of -10.89 and a beta of 1.45. The business has a fifty day simple moving average of $42.21 and a 200-day simple moving average of $46.19. Revolution Medicines has a fifty-two week low of $29.00 and a fifty-two week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.11). On average, equities research analysts anticipate that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, CFO Jack Anders sold 2,635 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $119,629.00. Following the completion of the sale, the chief financial officer now owns 96,470 shares of the company’s stock, valued at $4,379,738. The trade was a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thilo Schroeder purchased 1,304,347 shares of Revolution Medicines stock in a transaction on Thursday, December 5th. The stock was bought at an average cost of $46.00 per share, with a total value of $59,999,962.00. Following the transaction, the director now directly owns 2,096,612 shares of the company’s stock, valued at approximately $96,444,152. The trade was a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 18,678 shares of company stock valued at $847,981 over the last quarter. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc acquired a new position in shares of Revolution Medicines during the 4th quarter worth about $34,000. Quarry LP acquired a new position in shares of Revolution Medicines during the 3rd quarter worth about $82,000. Sterling Capital Management LLC lifted its position in shares of Revolution Medicines by 588.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock worth $86,000 after purchasing an additional 1,672 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Revolution Medicines by 368.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock worth $90,000 after purchasing an additional 1,613 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Revolution Medicines during the 4th quarter worth about $104,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

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.