Revolution Medicines (NASDAQ:RVMD) Shares Gap Down After Earnings Miss

Revolution Medicines, Inc. (NASDAQ:RVMD) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $36.67, but opened at $34.18. Revolution Medicines shares last traded at $34.80, with a volume of 351,200 shares trading hands.

The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.37). The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm posted ($0.81) EPS.

Wall Street Analyst Weigh In

RVMD has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Oppenheimer increased their target price on Revolution Medicines from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, May 8th. Needham & Company LLC decreased their price target on Revolution Medicines from $57.00 to $56.00 and set a “buy” rating on the stock in a research note on Thursday. Guggenheim restated a “buy” rating and issued a $80.00 price target on shares of Revolution Medicines in a report on Wednesday, June 25th. Finally, Wedbush reiterated an “outperform” rating and set a $73.00 price objective (up from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $68.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RVMD. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Revolution Medicines by 11.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company’s stock valued at $232,000 after acquiring an additional 615 shares during the period. Russell Investments Group Ltd. increased its holdings in Revolution Medicines by 11.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company’s stock valued at $186,000 after purchasing an additional 434 shares in the last quarter. SG Americas Securities LLC raised its position in Revolution Medicines by 516.0% in the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company’s stock valued at $640,000 after purchasing an additional 15,164 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Revolution Medicines by 51.8% during the fourth quarter. Wells Fargo & Company MN now owns 88,327 shares of the company’s stock worth $3,863,000 after purchasing an additional 30,155 shares in the last quarter. Finally, Baker BROS. Advisors LP lifted its stake in shares of Revolution Medicines by 4.9% during the fourth quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock worth $347,163,000 after purchasing an additional 367,882 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

The company has a market cap of $6.51 billion, a PE ratio of -7.77 and a beta of 1.16. The company has a 50-day moving average price of $38.52 and a two-hundred day moving average price of $38.80.

Revolution Medicines Company Profile

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.