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

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) gapped up before the market opened on Thursday after Oppenheimer raised their price target on the stock from $70.00 to $75.00. The stock had previously closed at $37.66, but opened at $40.77. Oppenheimer currently has an outperform rating on the stock. Revolution Medicines shares last traded at $42.50, with a volume of 899,911 shares trading hands.

Other equities research analysts have also issued reports about the stock. HC Wainwright upped their price objective on shares of Revolution Medicines from $72.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Wedbush reiterated an “outperform” rating and issued a $67.00 price target on shares of Revolution Medicines in a report on Monday, April 28th. Stifel Nicolaus decreased their price objective on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Guggenheim cut their target price on Revolution Medicines from $87.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday. Finally, UBS Group boosted their price target on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $67.17.

Insider Transactions at Revolution Medicines

In other news, COO Margaret A. Horn sold 3,058 shares of Revolution Medicines stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $119,384.32. Following the transaction, the chief operating officer now owns 153,533 shares in the company, valued at approximately $5,993,928.32. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark A. Goldsmith sold 11,738 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the sale, the insider now directly owns 441,564 shares of the company’s stock, valued at approximately $17,238,658.56. This trade represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 16,660 shares of company stock worth $650,406. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently bought and sold shares of RVMD. IFP Advisors Inc purchased a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $34,000. Sterling Capital Management LLC raised its holdings in Revolution Medicines by 588.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock valued at $86,000 after buying an additional 1,672 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Revolution Medicines by 368.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock valued at $90,000 after buying an additional 1,613 shares during the period. Kapitalo Investimentos Ltda bought a new stake in Revolution Medicines in the 4th quarter worth $104,000. Finally, Goodman Advisory Group LLC bought a new stake in Revolution Medicines in the 1st quarter worth $127,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Stock Down 3.2 %

The business’s 50-day simple moving average is $37.36 and its 200-day simple moving average is $43.45. The stock has a market cap of $7.56 billion, a PE ratio of -11.30 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.01). During the same quarter last year, the company earned ($0.70) earnings per share. As a group, equities research 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.