JPMorgan Chase & Co. Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its price objective increased by JPMorgan Chase & Co. from $54.00 to $63.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on RVMD. HC Wainwright restated a “buy” rating and issued a $56.00 target price on shares of Revolution Medicines in a report on Monday, August 12th. Barclays lifted their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Piper Sandler increased their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Wedbush restated an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. Finally, Bank of America increased their price target on Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and an average price target of $61.00.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $60.44 on Thursday. Revolution Medicines has a 1 year low of $18.79 and a 1 year high of $61.06. The company has a market cap of $10.17 billion, a P/E ratio of -16.84 and a beta of 1.40. The stock’s fifty day moving average price is $47.56 and its 200-day moving average price is $43.17.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter last year, the company posted ($0.99) EPS. On average, sell-side analysts anticipate that Revolution Medicines will post -3.37 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the sale, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total value of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares of the company’s stock, valued at $627,381.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the sale, the insider now owns 300,170 shares in the company, valued at approximately $13,486,638.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock valued at $6,355,624 in the last 90 days. Insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC purchased a new position in shares of Revolution Medicines in the 1st quarter worth approximately $6,656,000. Vanguard Group Inc. increased its position in Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after acquiring an additional 122,721 shares during the last quarter. Seven Eight Capital LP purchased a new stake in shares of Revolution Medicines in the first quarter valued at $2,208,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Revolution Medicines by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock worth $155,166,000 after acquiring an additional 177,957 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Revolution Medicines by 1,109.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock worth $1,750,000 after purchasing an additional 35,399 shares during the period. Hedge funds and other 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.