Revolution Medicines (NASDAQ:RVMD) Given “Buy” Rating at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $275.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 54.53% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Royal Bank Of Canada boosted their target price on Revolution Medicines from $259.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday. Stifel Nicolaus boosted their price target on Revolution Medicines from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Wolfe Research restated an “outperform” rating and issued a $220.00 target price on shares of Revolution Medicines in a report on Monday, August 10th. Bank of America upped their target price on Revolution Medicines from $225.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, September 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $234.81.

Revolution Medicines Trading Down 6.0%

RVMD stock traded down $11.30 during mid-day trading on Thursday, reaching $177.96. 2,973,430 shares of the stock traded hands, compared to its average volume of 2,859,027. Revolution Medicines has a 52-week low of $52.40 and a 52-week high of $224.31. The stock’s fifty day moving average is $203.22 and its 200-day moving average is $173.42. The company has a market cap of $38.14 billion, a P/E ratio of -20.18 and a beta of 1.40. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter last year, the firm posted ($1.31) EPS. As a group, sell-side analysts expect that Revolution Medicines will post -8.93 earnings per share for the current year.

Insider Activity

In other Revolution Medicines news, Director Lorence Kim sold 56,000 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $203.24, for a total transaction of $11,381,440.00. Following the completion of the sale, the director owned 17,090 shares of the company’s stock, valued at $3,473,371.60. This trade represents a 76.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the completion of the transaction, the insider owned 291,876 shares in the company, valued at $59,064,027.36. This trade represents a 24.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 290,991 shares of company stock valued at $59,422,765. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its stake in Revolution Medicines by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock valued at $980,036,000 after purchasing an additional 947,448 shares during the last quarter. Alphabet Inc. acquired a new position in shares of Revolution Medicines during the second quarter worth $551,843,000. Assenagon Asset Management S.A. increased its holdings in shares of Revolution Medicines by 987.9% during the third quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock worth $447,710,000 after buying an additional 1,980,699 shares in the last quarter. Avoro Capital Advisors LLC acquired a new stake in shares of Revolution Medicines during the 4th quarter valued at $172,840,000. Finally, Bank of America Corp DE acquired a new position in Revolution Medicines in the 2nd quarter worth about $184,267,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company’s research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.