Brokerages Set Revolution Medicines, Inc. (NASDAQ:RVMD) Target Price at $52.92

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) have earned an average recommendation of “Buy” from the twelve brokerages that are covering the firm, Marketbeat.com reports. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $52.92.

Several analysts recently weighed in on RVMD shares. Jefferies Financial Group started coverage on shares of Revolution Medicines in a report on Monday, July 8th. They issued a “buy” rating and a $63.00 target price for the company. Needham & Company LLC dropped their price objective on Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Oppenheimer increased their target price on Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. HC Wainwright reaffirmed a “buy” rating and issued a $56.00 target price on shares of Revolution Medicines in a research report on Monday, August 12th. Finally, Bank of America increased their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th.

Insider Transactions at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.05, for a total value of $1,126,250.00. Following the transaction, the insider now owns 311,885 shares of the company’s stock, valued at $14,050,419.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, General Counsel Jeff Cislini sold 2,399 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total value of $97,951.17. Following the completion of the transaction, the general counsel now owns 47,088 shares in the company, valued at approximately $1,922,603.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 25,000 shares of the business’s stock in a transaction on 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 disclosure for this sale can be found here. In the last three months, insiders sold 58,421 shares of company stock valued at $2,637,077. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in RVMD. Headlands Technologies LLC raised its position in 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 last quarter. Manchester Capital Management LLC acquired a new stake in shares of Revolution Medicines during the fourth quarter worth about $80,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Revolution Medicines during the first quarter worth about $104,000. EntryPoint Capital LLC acquired a new position in Revolution Medicines in the 1st quarter valued at about $107,000. Finally, Nisa Investment Advisors LLC raised its stake in Revolution Medicines by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after acquiring an additional 320 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Price Performance

RVMD stock opened at $41.56 on Friday. Revolution Medicines has a 52-week low of $15.44 and a 52-week high of $48.61. The business has a fifty day moving average of $43.09 and a two-hundred day moving average of $38.00.

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