Revolution Medicines’ (RVMD) “Buy” Rating Reiterated at Truist Financial

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reaffirmed by stock analysts at Truist Financial in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $261.00 price objective on the stock, up from their previous price objective of $241.00. Truist Financial‘s price objective indicates a potential upside of 37.48% from the stock’s current price.

Several other research firms also recently weighed in on RVMD. Oppenheimer raised their price target on shares of Revolution Medicines from $230.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Bank of America cut their target price on Revolution Medicines from $265.00 to $264.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Wedbush increased their price target on shares of Revolution Medicines from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. Raymond James Financial reissued a “strong-buy” rating and set a $248.00 target price on shares of Revolution Medicines in a research note on Thursday, August 27th. Finally, Royal Bank Of Canada increased their price objective on shares of Revolution Medicines from $259.00 to $260.00 and gave the company an “outperform” rating in a research report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Revolution Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $244.95.

Revolution Medicines Price Performance

RVMD traded down $9.85 during trading on Thursday, hitting $189.85. The company’s stock had a trading volume of 2,295,281 shares, compared to its average volume of 2,779,812. The business’s fifty day simple moving average is $198.21 and its 200 day simple moving average is $156.90. Revolution Medicines has a twelve month low of $58.91 and a twelve month high of $224.31. The firm has a market capitalization of $40.69 billion, a price-to-earnings ratio of -21.41 and a beta of 1.44. 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, November 4th. The company reported ($1.90) EPS for the quarter, topping the consensus estimate of ($2.35) by $0.45. The company had revenue of $197.56 million during the quarter, compared to analysts’ expectations of $25.58 million. During the same period in the previous year, the firm posted ($1.61) EPS. On average, equities research analysts forecast that Revolution Medicines will post -8.94 EPS for the current fiscal year.

Insider Activity

In other Revolution Medicines news, insider Mark Goldsmith sold 13,988 shares of Revolution Medicines stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $2,786,969.12. Following the transaction, the insider directly owned 253,342 shares in the company, valued at approximately $50,475,860.08. This trade represents a 5.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 4,053 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the transaction, the chief financial officer directly owned 119,216 shares of the company’s stock, valued at approximately $23,752,595.84. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 290,991 shares of company stock worth $59,422,765 over the last quarter. 7.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds have recently made changes to their positions in the business. Lido Advisors LLC acquired a new stake in shares of Revolution Medicines in the third quarter valued at $1,687,000. AlphaCore Capital LLC acquired a new stake in shares of Revolution Medicines in the third quarter worth $361,000. Fulcrum Asset Management LLP purchased a new stake in shares of Revolution Medicines in the third quarter worth approximately $197,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Revolution Medicines by 1,258.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 29,442 shares of the company’s stock valued at $6,062,000 after acquiring an additional 27,275 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Revolution Medicines by 2.9% in the 3rd quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock valued at $732,000 after buying an additional 99 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Company Profile

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.