Revolution Medicines (NASDAQ:RVMD) Given New $77.00 Price Target at Wedbush

Revolution Medicines (NASDAQ:RVMD) had its target price hoisted by Wedbush from $73.00 to $77.00 in a report issued on Thursday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Several other equities analysts have also recently issued reports on the company. Lifesci Capital assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They set an “outperform” rating and a $80.00 target price on the stock. Guggenheim reiterated a “buy” rating and set a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. Wells Fargo & Company assumed coverage on Revolution Medicines in a research report on Friday, August 15th. They set an “overweight” rating and a $67.00 target price on the stock. Piper Sandler assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They set an “overweight” rating and a $75.00 target price on the stock. Finally, Needham & Company LLC boosted their target price on Revolution Medicines from $56.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $73.21.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $46.24 on Thursday. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines has a 52-week low of $29.17 and a 52-week high of $62.40. The business’s 50-day moving average price is $37.75 and its 200 day moving average price is $38.15. The firm has a market cap of $8.64 billion, a P/E ratio of -10.28 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.37). During the same quarter in the prior year, the firm earned ($0.81) earnings per share. The business’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts expect that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other news, CFO Jack Anders sold 5,238 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the sale, the chief financial officer owned 113,314 shares of the company’s stock, valued at $4,551,823.38. The trade was a 4.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors have recently modified their holdings of RVMD. Principal Financial Group Inc. raised its position in shares of Revolution Medicines by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 12,792 shares of the company’s stock worth $452,000 after purchasing an additional 259 shares during the last quarter. California State Teachers Retirement System lifted its stake in Revolution Medicines by 0.3% in the 2nd quarter. California State Teachers Retirement System now owns 140,077 shares of the company’s stock valued at $5,153,000 after buying an additional 437 shares in the last quarter. CWM LLC lifted its stake in Revolution Medicines by 171.3% in the 2nd quarter. CWM LLC now owns 917 shares of the company’s stock valued at $34,000 after buying an additional 579 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 buying an additional 615 shares in the last quarter. Finally, GF Fund Management CO. LTD. lifted its stake in Revolution Medicines by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 4,307 shares of the company’s stock valued at $152,000 after buying an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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.