Revolution Medicines’ (RVMD) Buy Rating Reiterated at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They presently have a $275.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 50.97% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Wolfe Research reissued an “outperform” rating and set a $220.00 price objective on shares of Revolution Medicines in a research note on Monday, August 10th. Evercore restated an “outperform” rating and issued a $320.00 target price on shares of Revolution Medicines in a research note on Thursday, August 27th. Oppenheimer raised their price target on Revolution Medicines from $230.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Guggenheim raised their price target on Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 28th. Finally, HC Wainwright lifted their price target on Revolution Medicines from $195.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $242.60.

Revolution Medicines Price Performance

NASDAQ RVMD traded up $4.19 on Thursday, hitting $182.15. The stock had a trading volume of 1,978,594 shares, compared to its average volume of 2,854,628. The firm has a 50-day moving average of $202.72 and a 200-day moving average of $174.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. Revolution Medicines has a 52-week low of $52.48 and a 52-week high of $224.31. The company has a market capitalization of $39.04 billion, a price-to-earnings ratio of -20.65 and a beta of 1.40.

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

Insider Activity at Revolution Medicines

In other Revolution Medicines news, Director Elizabeth M. Anderson sold 10,143 shares of the business’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $193.04, for a total value of $1,958,004.72. Following the completion of the sale, the director directly owned 4,333 shares of the company’s stock, valued at $836,442.32. The trade was a 70.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 80,000 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the sale, the insider owned 267,330 shares of the company’s stock, valued at approximately $55,925,436. The trade was a 23.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 290,991 shares of company stock worth $59,422,765 in the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of RVMD. Burkett Financial Services LLC bought a new position in Revolution Medicines during the 3rd quarter worth approximately $27,000. Contravisory Investment Management Inc. purchased a new position in Revolution Medicines in the 2nd quarter worth approximately $32,000. ABS Investment Management LLC purchased a new position in Revolution Medicines in the 2nd quarter worth approximately $337,104,000. Johnson Financial Group Inc. bought a new stake in Revolution Medicines in the second quarter valued at approximately $37,000. Finally, Mather Group LLC. bought a new stake in Revolution Medicines in the third quarter valued at approximately $41,000. Institutional investors own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.