Wedbush Reiterates “Outperform” Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a report released on Friday, Marketbeat reports. They presently have a $77.00 price target on the stock. Wedbush’s price objective would suggest a potential upside of 42.33% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. Stifel Nicolaus began coverage on Revolution Medicines in a research note on Wednesday. They issued a “buy” rating and a $85.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research note on Wednesday, October 8th. Needham & Company LLC increased their target price on Revolution Medicines from $56.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, September 11th. Truist Financial began coverage on Revolution Medicines in a research note on Friday, September 5th. They issued a “buy” rating and a $99.00 target price on the stock. Finally, The Goldman Sachs Group increased their target price on Revolution Medicines from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

Revolution Medicines Price Performance

RVMD opened at $54.10 on Friday. The stock has a fifty day simple moving average of $42.40 and a two-hundred day simple moving average of $39.60. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. The company has a market cap of $10.11 billion, a price-to-earnings ratio of -12.02 and a beta of 1.27. Revolution Medicines has a 12-month low of $29.17 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.37). The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the company posted ($0.81) earnings per share. Research analysts predict that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 2,320 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total transaction of $106,302.40. Following the sale, the chief financial officer directly owned 110,994 shares of the company’s stock, valued at $5,085,745.08. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 13,411 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total value of $614,492.02. Following the sale, the insider directly owned 452,309 shares in the company, valued at $20,724,798.38. This trade represents a 2.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,033 shares of company stock valued at $8,456,208 over the last three months. 8.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of large investors have recently made changes to their positions in the company. Avanza Fonder AB lifted its stake in shares of Revolution Medicines by 17.5% in the 3rd quarter. Avanza Fonder AB now owns 4,335 shares of the company’s stock worth $202,000 after purchasing an additional 647 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Revolution Medicines by 2.0% in the third quarter. Voya Investment Management LLC now owns 47,534 shares of the company’s stock worth $2,220,000 after buying an additional 921 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Revolution Medicines by 45.1% in the third quarter. GAMMA Investing LLC now owns 837 shares of the company’s stock worth $39,000 after buying an additional 260 shares during the last quarter. Praxis Investment Management Inc. purchased a new position in shares of Revolution Medicines in the third quarter worth approximately $216,000. Finally, Osaic Holdings Inc. boosted its holdings in shares of Revolution Medicines by 41.7% in the second quarter. Osaic Holdings Inc. now owns 3,487 shares of the company’s stock worth $128,000 after buying an additional 1,027 shares during the last quarter. 94.34% of the stock is currently owned by 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.