Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Revolution Medicines (NASDAQ:RVMD) had its price target increased by analysts at Needham & Company LLC from $235.00 to $236.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 28.76% from the stock’s previous close.

Several other research firms have also issued reports on RVMD. Sanford C. Bernstein began coverage on Revolution Medicines in a report on Thursday, May 21st. They set a “market perform” rating and a $151.00 price target for the company. Wedbush raised their price objective on Revolution Medicines from $165.00 to $181.00 and gave the stock an “outperform” rating in a research note on Thursday, July 2nd. Royal Bank Of Canada lifted their price objective on Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Guggenheim lifted their target price on shares of Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Truist Financial increased their target price on Revolution Medicines from $179.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Revolution Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $144.06.

Revolution Medicines Stock Up 1.6%

Shares of RVMD stock opened at $183.29 on Monday. Revolution Medicines has a 12 month low of $34.00 and a 12 month high of $193.82. The stock has a market cap of $38.97 billion, a P/E ratio of -25.92 and a beta of 1.37. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. The company has a 50 day simple moving average of $166.55 and a two-hundred day simple moving average of $129.82.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period last year, the firm posted ($1.13) EPS. On average, research analysts expect that Revolution Medicines will post -7.9 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the sale, the insider owned 267,330 shares in the company, valued at $41,735,559.60. The trade was a 3.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the completion of the sale, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 132,497 shares of company stock valued at $21,470,486 in the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently made changes to their positions in the company. Contravisory Investment Management Inc. bought a new position in Revolution Medicines during the second quarter valued at approximately $32,000. Harbor Investment Advisory LLC purchased a new position in Revolution Medicines during the 2nd quarter valued at approximately $70,000. Global Retirement Partners LLC increased its stake in Revolution Medicines by 1,002.8% in the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock worth $32,000 after acquiring an additional 361 shares during the last quarter. Indiana Trust & Investment Management Co bought a new stake in Revolution Medicines in the 4th quarter worth approximately $32,000. Finally, Torren Management LLC purchased a new stake in shares of Revolution Medicines during the 4th quarter worth approximately $33,000. 94.34% of the stock is owned by institutional investors.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.