Revolution Medicines (NASDAQ:RVMD) Sets New 12-Month High on Analyst Upgrade

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price reached a new 52-week high during mid-day trading on Monday after Needham & Company LLC raised their price target on the stock from $183.00 to $235.00. Needham & Company LLC currently has a buy rating on the stock. Revolution Medicines traded as high as $188.00 and last traded at $185.8560, with a volume of 1038196 shares trading hands. The stock had previously closed at $182.08.

A number of other analysts also recently issued reports on the company. Oppenheimer raised their price target on Revolution Medicines from $165.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Piper Sandler boosted their price objective on shares of Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Wedbush restated an “outperform” rating on shares of Revolution Medicines in a report on Monday, June 1st. Sanford C. Bernstein started coverage on shares of Revolution Medicines in a research note on Thursday, May 21st. They set a “market perform” rating and a $151.00 price target for the company. Finally, HC Wainwright upped their price target on shares of Revolution Medicines from $169.00 to $195.00 and gave the company a “buy” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $132.78.

Insiders Place Their Bets

In other Revolution Medicines news, CFO Jack Anders sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total value of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares of the company’s stock, valued at $20,749,870.77. This represents a 13.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark A. Goldsmith sold 120,000 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total value of $18,010,800.00. Following the completion of the sale, the insider owned 276,698 shares in the company, valued at approximately $41,529,602.82. The trade was a 30.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 246,917 shares of company stock worth $38,432,302 in the last 90 days. 7.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RVMD. Vanguard Group Inc. increased its holdings in Revolution Medicines by 6.7% during the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Revolution Medicines by 194.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company’s stock worth $1,696,000 after buying an additional 14,062 shares in the last quarter. Mass General Brigham Inc purchased a new position in shares of Revolution Medicines during the fourth quarter valued at $27,407,000. M&T Bank Corp bought a new stake in shares of Revolution Medicines in the fourth quarter valued at about $52,723,000. Finally, Eagle Health Investments LP purchased a new stake in Revolution Medicines in the fourth quarter worth about $9,231,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Trading Up 1.5%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The company’s fifty day simple moving average is $151.78 and its 200-day simple moving average is $116.94. The company has a market capitalization of $39.28 billion, a P/E ratio of -26.22 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter last year, the company posted ($1.13) EPS. Research analysts predict that Revolution Medicines, Inc. will post -7.94 earnings per share for the current year.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.