Revolution Medicines (NASDAQ:RVMD) Shares Gap Up After Analyst Upgrade

Revolution Medicines, Inc. (NASDAQ:RVMD) shares gapped up prior to trading on Thursday after Wells Fargo & Company raised their price target on the stock from $67.00 to $70.00. The stock had previously closed at $40.45, but opened at $42.90. Wells Fargo & Company currently has an overweight rating on the stock. Revolution Medicines shares last traded at $46.15, with a volume of 500,832 shares.

Other equities analysts have also recently issued reports about the company. HC Wainwright reiterated a “buy” rating and issued a $72.00 price objective (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Wedbush upped their price objective on Revolution Medicines from $73.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday. Truist Financial initiated coverage on Revolution Medicines in a report on Friday, September 5th. They issued a “buy” rating and a $99.00 price objective for the company. Guggenheim reissued a “buy” rating and issued a $80.00 target price on shares of Revolution Medicines in a research note on Wednesday, June 25th. Finally, Lifesci Capital initiated coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an “outperform” rating and a $80.00 target price for the company. Fourteen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $73.21.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 5,238 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total value of $210,410.46. Following the completion of the sale, the chief financial officer owned 113,314 shares of the company’s stock, valued at approximately $4,551,823.38. The trade was a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RVMD. CWM LLC raised its position in Revolution Medicines by 171.3% during the 2nd quarter. CWM LLC now owns 917 shares of the company’s stock valued at $34,000 after purchasing an additional 579 shares during the last quarter. Banque Transatlantique SA bought a new position in Revolution Medicines during the 1st quarter valued at approximately $42,000. Quarry LP bought a new position in Revolution Medicines during the 1st quarter valued at approximately $50,000. Twin Tree Management LP bought a new position in Revolution Medicines during the 1st quarter valued at approximately $58,000. Finally, a16z Perennial Management L.P. bought a new position in Revolution Medicines during the 2nd quarter valued at approximately $67,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Price Performance

The business has a 50-day simple moving average of $37.75 and a 200 day simple moving average of $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. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79.

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

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.