Revolution Medicines (NASDAQ:RVMD) Upgraded to Strong-Buy at Raymond James

Raymond James upgraded shares of Revolution Medicines (NASDAQ:RVMD) from an outperform rating to a strong-buy rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has $48.00 price objective on the stock, up from their prior price objective of $36.00.

Several other research analysts also recently weighed in on the company. Bank of America raised Revolution Medicines from a neutral rating to a buy rating and upped their target price for the stock from $31.00 to $34.00 in a research note on Friday, January 5th. Needham & Company LLC reissued a buy rating and issued a $36.00 price objective on shares of Revolution Medicines in a research note on Monday. Wedbush increased their price objective on Revolution Medicines from $41.00 to $42.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Piper Sandler began coverage on Revolution Medicines in a research note on Monday, March 11th. They issued an overweight rating and a $43.00 price objective for the company. Finally, UBS Group began coverage on Revolution Medicines in a research note on Wednesday, December 20th. They issued a buy rating and a $40.00 price objective for the company. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $40.00.

Revolution Medicines Price Performance

Shares of RVMD stock opened at $36.50 on Wednesday. The company has a market cap of $6.01 billion, a price-to-earnings ratio of -9.68 and a beta of 1.54. The stock has a 50 day simple moving average of $30.80 and a 200-day simple moving average of $27.20. Revolution Medicines has a 1-year low of $15.44 and a 1-year high of $37.50.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The firm had revenue of $0.74 million during the quarter, compared to analyst estimates of $1.20 million. Revolution Medicines’s revenue for the quarter was down 95.2% on a year-over-year basis. During the same period last year, the firm posted ($0.63) earnings per share. Analysts anticipate that Revolution Medicines will post -3.17 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, General Counsel Jeff Cislini sold 1,500 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $30.99, for a total transaction of $46,485.00. Following the completion of the transaction, the general counsel now directly owns 54,374 shares in the company, valued at approximately $1,685,050.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, COO Margaret A. Horn sold 2,914 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $92,024.12. Following the completion of the transaction, the chief operating officer now directly owns 139,553 shares in the company, valued at approximately $4,407,083.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Jeff Cislini sold 1,500 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $30.99, for a total value of $46,485.00. Following the transaction, the general counsel now owns 54,374 shares of the company’s stock, valued at $1,685,050.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,550 shares of company stock worth $325,414. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mass General Brigham Inc acquired a new stake in shares of Revolution Medicines during the first quarter worth about $10,900,000. Vanguard Group Inc. increased its stake in Revolution Medicines by 51.8% during the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock worth $419,714,000 after buying an additional 4,990,800 shares during the period. Mubadala Investment Co PJSC purchased a new stake in Revolution Medicines during the 4th quarter worth approximately $7,973,000. Wellington Management Group LLP lifted its holdings in Revolution Medicines by 40.8% during the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock worth $426,818,000 after buying an additional 4,309,611 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Revolution Medicines by 67.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,053,257 shares of the company’s stock valued at $30,207,000 after buying an additional 425,812 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

About Revolution Medicines

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.