Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Price Target at $53.45

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have received a consensus recommendation of “Buy” from the eleven research firms that are currently covering the stock, Marketbeat reports. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $54.00.

Several analysts recently weighed in on RVMD shares. Barclays boosted their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday. Wedbush reiterated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. JPMorgan Chase & Co. decreased their price target on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Finally, 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.

Insider Buying and Selling at Revolution Medicines

In other news, General Counsel Jeff Cislini sold 2,399 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total transaction of $97,951.17. Following the completion of the sale, the general counsel now owns 47,088 shares of the company’s stock, valued at approximately $1,922,603.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total transaction of $97,951.17. Following the transaction, the general counsel now owns 47,088 shares of the company’s stock, valued at approximately $1,922,603.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sushil Patel sold 2,155 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total value of $94,820.00. Following the completion of the sale, the director now owns 19,948 shares of the company’s stock, valued at $877,712. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,221 shares of company stock valued at $2,552,337. 8.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in Revolution Medicines by 40.8% in the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after purchasing an additional 4,309,611 shares during the period. Vanguard Group Inc. raised its holdings in Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after buying an additional 122,721 shares during the last quarter. Farallon Capital Management LLC lifted its stake in shares of Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after buying an additional 2,249,820 shares in the last quarter. Baker BROS. Advisors LP grew its holdings in shares of Revolution Medicines by 46.6% during the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after buying an additional 2,400,592 shares during the last quarter. Finally, BVF Inc. IL increased its position in shares of Revolution Medicines by 50.2% during the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock worth $171,541,000 after acquiring an additional 2,000,000 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Trading Up 2.7 %

NASDAQ:RVMD opened at $45.35 on Tuesday. The stock’s 50-day moving average is $43.70 and its 200-day moving average is $39.73. Revolution Medicines has a 1-year low of $15.44 and a 1-year high of $48.61. The stock has a market cap of $7.58 billion, a P/E ratio of -12.09 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter last year, the firm earned ($0.92) earnings per share. Revolution Medicines’s revenue was down 73.8% on a year-over-year basis. As a group, equities analysts forecast that Revolution Medicines will post -3.47 EPS for the current year.

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.