Revolution Medicines (NASDAQ:RVMD) Stock Keeps Buy Rating at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $275.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 42.10% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Brookline Capital Markets assumed coverage on Revolution Medicines in a report on Monday, September 28th. They set a “buy” rating and a $318.00 price objective for the company. Wolfe Research restated an “outperform” rating and set a $220.00 price objective on shares of Revolution Medicines in a report on Monday, August 10th. TD Cowen restated a “buy” rating on shares of Revolution Medicines in a report on Thursday, October 8th. Mizuho boosted their price objective on Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Truist Financial boosted their price objective on Revolution Medicines from $239.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Revolution Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $234.81.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $193.52 on Thursday. 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 has a 12-month low of $47.45 and a 12-month high of $224.31. The stock has a 50-day moving average price of $203.93 and a 200 day moving average price of $172.71. The stock has a market capitalization of $41.48 billion, a P/E ratio of -21.94 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the previous year, the firm posted ($1.31) earnings per share. Equities research analysts forecast that Revolution Medicines will post -8.93 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, Director Elizabeth Anderson sold 10,143 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $193.04, for a total transaction of $1,958,004.72. Following the sale, the director owned 4,333 shares in the company, valued at approximately $836,442.32. The trade was a 70.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jack Anders sold 4,053 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $807,519.72. Following the sale, the chief financial officer owned 119,216 shares in the company, valued at approximately $23,752,595.84. The trade was a 3.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is owned by corporate insiders.

Institutional Trading of Revolution Medicines

A number of hedge funds have recently modified their holdings of RVMD. Equitable Holdings Inc. purchased a new position in shares of Revolution Medicines during the 2nd quarter valued at approximately $963,000. State of Wyoming acquired a new stake in shares of Revolution Medicines in the second quarter valued at approximately $1,769,000. Handelsbanken Fonder AB increased its stake in Revolution Medicines by 243.6% during the second quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after acquiring an additional 150,500 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Revolution Medicines during the second quarter worth $112,566,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Revolution Medicines during the second quarter worth $37,547,000. Hedge funds and other institutional investors 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.