Revolution Medicines (NASDAQ:RVMD) Given New $321.00 Price Target at Royal Bank Of Canada

Revolution Medicines (NASDAQ:RVMD) had its target price raised by Royal Bank Of Canada from $260.00 to $321.00 in a report released on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

RVMD has been the subject of several other reports. Brookline Capital Markets started coverage on Revolution Medicines in a research note on Monday, September 28th. They issued a “buy” rating and a $318.00 price objective for the company. UBS Group upped their price target on Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Stifel Nicolaus increased their price target on Revolution Medicines from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Evercore reissued an “outperform” rating and issued a $320.00 price target on shares of Revolution Medicines in a research report on Thursday, August 27th. Finally, Truist Financial restated a “buy” rating and set a $261.00 price objective (up from $241.00) on shares of Revolution Medicines in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Revolution Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $259.65.

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $177.65 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. Revolution Medicines has a one year low of $58.91 and a one year high of $224.31. The firm has a 50-day moving average of $197.46 and a 200-day moving average of $157.18.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, beating the consensus estimate of ($2.35) by $0.45. The business had revenue of $197.56 million during the quarter, compared to the consensus estimate of $25.58 million. During the same period in the previous year, the business posted ($1.61) EPS. As a group, analysts anticipate that Revolution Medicines will post -8.94 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Kelsey sold 92,531 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $202.36, for a total value of $18,724,573.16. Following the transaction, the insider owned 291,876 shares in the company, valued at $59,064,027.36. The trade was a 24.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lorence Kim sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $203.24, for a total value of $11,381,440.00. Following the completion of the transaction, the director directly owned 17,090 shares of the company’s stock, valued at approximately $3,473,371.60. This represents a 76.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

More Revolution Medicines News

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: RASONQUE generated about $197.6 million in net product revenue during its first five weeks on the U.S. market, far exceeding revenue estimates. The drug received FDA approval for certain patients with metastatic pancreatic cancer, and European regulators issued a positive recommendation for authorization. Company Q3 results and update
• Positive Sentiment: Analysts raised their targets and maintained bullish ratings after the results. RBC raised its target to $321, Guggenheim to $298, TD Cowen to $270, Truist to $261, and Piper Sandler to $222. RBC price-target update
• Neutral Sentiment: Quarterly revenue and adjusted loss per share both beat consensus estimates. However, the company’s loss per share was wider than a year earlier, and the quarter’s revenue largely reflects the initial launch period. Q3 results
• Negative Sentiment: Commentary cited RVMD’s roughly $40 billion valuation and high investor expectations as potential limits on further upside until RASONQUE demonstrates sustained commercial traction or the pipeline delivers pivotal data. That may help explain why shares fell despite the strong launch and analyst upgrades. Q3 earnings and valuation commentary

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.