Revolution Medicines (NASDAQ:RVMD) Hits New 1-Year High – Time to Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.85 and last traded at $56.83, with a volume of 504765 shares changing hands. The stock had previously closed at $55.87.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RVMD. Needham & Company LLC upped their target price on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer boosted their price target on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. JPMorgan Chase & Co. boosted their price target on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday. Barclays boosted their price target on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Finally, Bank of America boosted their price target on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $61.00.

Revolution Medicines Stock Performance

The stock has a market capitalization of $9.87 billion, a P/E ratio of -16.39 and a beta of 1.40. The stock has a 50 day moving average of $46.86 and a 200 day moving average of $42.89.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period in the previous year, the company posted ($0.99) earnings per share. On average, research analysts anticipate that Revolution Medicines, Inc. will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.30, for a total transaction of $503,000.00. Following the completion of the transaction, the chief financial officer now owns 98,932 shares in the company, valued at approximately $4,976,279.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Revolution Medicines news, insider Mark A. Goldsmith sold 30,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at approximately $15,116,561.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jack Anders sold 10,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the transaction, the chief financial officer now owns 98,932 shares of the company’s stock, valued at $4,976,279.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,866 shares of company stock worth $6,355,624 in the last three months. 8.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Revolution Medicines in the first quarter valued at $104,000. Duality Advisers LP acquired a new stake in shares of Revolution Medicines in the first quarter valued at $826,000. SG Americas Securities LLC lifted its holdings in shares of Revolution Medicines by 153.9% in the first quarter. SG Americas Securities LLC now owns 9,129 shares of the company’s stock valued at $294,000 after buying an additional 5,534 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Revolution Medicines in the first quarter valued at $6,656,000. Finally, Sei Investments Co. acquired a new stake in shares of Revolution Medicines in the first quarter valued at $528,000. 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.