Revolution Medicines (NASDAQ:RVMD) Hits New 12-Month High – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $51.00 and last traded at $50.42, with a volume of 1055089 shares traded. The stock had previously closed at $48.99.

Analyst Ratings Changes

A number of analysts recently issued reports on RVMD shares. JPMorgan Chase & Co. decreased their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Bank of America increased their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Wedbush reaffirmed an “outperform” rating and set a $59.00 price target on shares of Revolution Medicines in a research note on Thursday, August 8th. Oppenheimer increased their price target on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $61.00 price target on shares of Revolution Medicines in a research note on Monday, October 7th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $54.00.

Revolution Medicines Trading Up 0.9 %

The stock’s 50 day moving average price is $44.67 and its 200 day moving average price is $41.16. The firm has a market cap of $8.42 billion, a PE ratio of -13.85 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. During the same quarter in the previous year, the company posted ($0.92) earnings per share. The company’s revenue for the quarter was down 73.8% on a year-over-year basis. Analysts forecast that Revolution Medicines, Inc. will post -3.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at $13,085,551.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $45.88, for a total transaction of $458,800.00. Following the transaction, the insider now directly owns 311,885 shares of the company’s stock, valued at approximately $14,309,283.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,866 shares of company stock valued at $6,814,424 in the last quarter. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Revolution Medicines by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after buying an additional 122,721 shares during the period. Farallon Capital Management LLC boosted its holdings in shares of Revolution Medicines by 30.0% in the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after buying an additional 2,249,820 shares during the period. Baker BROS. Advisors LP lifted its position in Revolution Medicines by 46.6% in the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after purchasing an additional 2,400,592 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Revolution Medicines by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after purchasing an additional 177,957 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Revolution Medicines by 77.9% in the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock valued at $126,067,000 after purchasing an additional 1,712,639 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

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.