Revolution Medicines (NASDAQ:RVMD) Earns “Buy” Rating from Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $57.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 48.40% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Guggenheim dropped their price target on shares of Revolution Medicines from $87.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Oppenheimer increased their price target on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, May 8th. Wedbush reiterated an “outperform” rating and issued a $67.00 price target on shares of Revolution Medicines in a research note on Thursday, May 8th. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Finally, Stifel Nicolaus dropped their price target on shares of Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $67.58.

Revolution Medicines Stock Down 4.0%

Shares of Revolution Medicines stock opened at $38.41 on Tuesday. The firm has a market capitalization of $7.15 billion, a P/E ratio of -9.60 and a beta of 1.10. Revolution Medicines has a 52 week low of $29.17 and a 52 week high of $62.40. The firm’s 50 day moving average is $39.59 and its two-hundred day moving average is $40.13.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter in the prior year, the firm posted ($0.70) EPS. As a group, research analysts expect that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently modified their holdings of RVMD. Vanguard Group Inc. lifted its holdings in shares of Revolution Medicines by 14.7% during the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company’s stock worth $747,799,000 after purchasing an additional 2,185,082 shares during the period. Farallon Capital Management LLC lifted its holdings in shares of Revolution Medicines by 17.1% during the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock worth $579,498,000 after purchasing an additional 1,931,000 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Revolution Medicines by 8.9% during the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company’s stock worth $416,821,000 after purchasing an additional 966,230 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Revolution Medicines by 54.5% during the fourth quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock worth $414,777,000 after purchasing an additional 3,346,755 shares during the period. Finally, Baker BROS. Advisors LP lifted its holdings in shares of Revolution Medicines by 4.9% during the fourth quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock worth $347,163,000 after purchasing an additional 367,882 shares during the period. 94.34% of the stock is owned by institutional investors and hedge funds.

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.