Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $70.00 at Wells Fargo & Company

Revolution Medicines (NASDAQ:RVMD) had its price target increased by Wells Fargo & Company from $67.00 to $70.00 in a report published on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wedbush raised their price target on shares of Revolution Medicines from $73.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday. HC Wainwright restated a “buy” rating and issued a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Truist Financial initiated coverage on shares of Revolution Medicines in a research note on Friday, September 5th. They issued a “buy” rating and a $99.00 price target on the stock. Needham & Company LLC raised their price objective on shares of Revolution Medicines from $56.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an “overweight” rating and a $75.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $73.21.

Revolution Medicines Price Performance

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

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). During the same quarter in the prior year, the business posted ($0.81) EPS. The business’s revenue was up .0% compared to the same quarter last year. Analysts anticipate that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the sale, the chief financial officer directly owned 113,314 shares in the company, valued at approximately $4,551,823.38. This trade represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of Revolution Medicines

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Revolution Medicines by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company’s stock worth $232,000 after buying an additional 615 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Revolution Medicines by 516.0% during the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company’s stock worth $640,000 after buying an additional 15,164 shares in the last quarter. Granahan Investment Management LLC boosted its holdings in Revolution Medicines by 6.1% during the first quarter. Granahan Investment Management LLC now owns 126,752 shares of the company’s stock worth $4,482,000 after buying an additional 7,322 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Revolution Medicines by 349.7% during the first quarter. PNC Financial Services Group Inc. now owns 4,524 shares of the company’s stock worth $160,000 after buying an additional 3,518 shares in the last quarter. Finally, Lunate Capital Ltd bought a new stake in Revolution Medicines during the first quarter worth approximately $77,658,000. 94.34% of the stock is currently owned by institutional investors.

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.