Revolution Medicines (NASDAQ:RVMD) Shares Gap Down – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price gapped down prior to trading on Monday . The stock had previously closed at $57.85, but opened at $54.18. Revolution Medicines shares last traded at $50.67, with a volume of 1,174,875 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on RVMD. Piper Sandler increased their target price on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their target price on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $68.00 price target on shares of Revolution Medicines in a research report on Tuesday. Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research report on Monday. Finally, Guggenheim upped their target price on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $63.00.

Revolution Medicines Trading Down 6.9 %

The stock’s fifty day moving average price is $52.15 and its 200 day moving average price is $45.50. The stock has a market cap of $8.11 billion, a P/E ratio of -13.43 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter last year, the firm posted ($0.99) earnings per share. On average, analysts anticipate that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 10,000 shares of the company’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 transaction, the chief financial officer now directly owns 98,932 shares of the company’s stock, valued at $4,976,279.60. This represents a 9.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the transaction, the chief operating officer now owns 132,320 shares in the company, valued at $6,660,988.80. This represents a 27.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors have recently made changes to their positions in RVMD. Wilmington Savings Fund Society FSB bought a new stake in Revolution Medicines during the third quarter valued at about $801,000. Geode Capital Management LLC lifted its position in shares of Revolution Medicines by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock valued at $164,517,000 after buying an additional 291,369 shares in the last quarter. Barclays PLC lifted its position in shares of Revolution Medicines by 187.1% during the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock valued at $13,362,000 after buying an additional 192,021 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Revolution Medicines during the 3rd quarter valued at approximately $247,000. Finally, State Street Corp increased its holdings in Revolution Medicines by 4.1% in the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after acquiring an additional 208,516 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.

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.