Revolution Medicines (NASDAQ:RVMD) PT Lowered to $61.00 at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its price objective trimmed by Needham & Company LLC from $62.00 to $61.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on RVMD. Wedbush increased their target price on shares of Revolution Medicines from $42.00 to $46.00 and gave the company an outperform rating in a research report on Thursday, May 9th. Barclays increased their target price on shares of Revolution Medicines from $52.00 to $54.00 and gave the company an overweight rating in a research report on Thursday, July 18th. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They issued a buy rating and a $63.00 target price for the company. Bank of America increased their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a buy rating in a research report on Tuesday, July 16th. Finally, HC Wainwright increased their target price on shares of Revolution Medicines from $44.00 to $56.00 and gave the company a buy rating in a research report on Tuesday, July 16th. Eleven 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.com, the stock currently has an average rating of Buy and a consensus price target of $52.92.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $42.90 on Thursday. The company has a 50-day simple moving average of $41.70 and a 200-day simple moving average of $36.33. The firm has a market capitalization of $7.08 billion, a P/E ratio of -11.44 and a beta of 1.44. Revolution Medicines has a one year low of $15.44 and a one year high of $48.61.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. The business’s revenue was down 73.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.92) EPS. As a group, sell-side analysts forecast that Revolution Medicines will post -3.21 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the completion of the sale, the insider now directly owns 311,885 shares of the company’s stock, valued at $14,050,419.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $46.47, for a total transaction of $774,515.49. Following the completion of the sale, the insider now directly owns 269,073 shares of the company’s stock, valued at $12,503,822.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the transaction, the insider now owns 311,885 shares in the company, valued at approximately $14,050,419.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,421 shares of company stock valued at $2,637,077. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

Large investors have recently made changes to their positions in the business. Headlands Technologies LLC increased its holdings in shares of Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after purchasing an additional 885 shares during the period. Manchester Capital Management LLC acquired a new position in shares of Revolution Medicines in the 4th quarter valued at about $80,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Revolution Medicines in the 1st quarter valued at about $104,000. EntryPoint Capital LLC acquired a new position in shares of Revolution Medicines in the 1st quarter valued at about $107,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares during the period. Institutional investors and hedge funds 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.