Revolution Medicines (NASDAQ:RVMD) Sets New 52-Week High – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $209.98 and last traded at $210.4590, with a volume of 222167 shares changing hands. The stock had previously closed at $203.71.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of research analyst reports. Wedbush lifted their price target on shares of Revolution Medicines from $192.10 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Piper Sandler upped their price objective on shares of Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Royal Bank Of Canada lifted their target price on shares of Revolution Medicines from $182.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. HC Wainwright reissued a “buy” rating and set a $195.00 target price on shares of Revolution Medicines in a research note on Monday, July 6th. Finally, Wolfe Research restated an “outperform” rating and set a $220.00 price target on shares of Revolution Medicines in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Revolution Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.79.

Revolution Medicines Trading Up 4.6%

The company has a 50 day moving average of $181.62 and a 200 day moving average of $140.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The stock has a market capitalization of $45.67 billion, a price-to-earnings ratio of -24.17 and a beta of 1.39.

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 analysts’ consensus estimates of ($2.04) by ($1.02). During the same period last year, the firm earned ($1.31) EPS. On average, research analysts predict that Revolution Medicines, Inc. will post -8.82 EPS for the current fiscal year.

Insider Activity

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at $45,567,681.12. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the transaction, the chief operating officer owned 158,222 shares in the company, valued at approximately $25,342,417.74. This represents a 27.63% decrease in their ownership of the stock. 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. Insiders sold a total of 132,497 shares of company stock valued at $21,470,486 in the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in RVMD. Alphabet Inc. acquired a new position in Revolution Medicines in the second quarter valued at approximately $551,843,000. Norges Bank purchased a new stake in Revolution Medicines in the fourth quarter valued at $195,568,000. Avoro Capital Advisors LLC acquired a new position in shares of Revolution Medicines in the 4th quarter valued at $172,840,000. UBS Group AG lifted its stake in shares of Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock valued at $245,954,000 after purchasing an additional 1,998,972 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its holdings in shares of Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock worth $160,398,000 after purchasing an additional 1,535,686 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.