Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $82.00 at Guggenheim

Revolution Medicines (NASDAQ:RVMD) had its price objective upped by equities research analysts at Guggenheim from $72.00 to $82.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 73.88% from the company’s previous close.

Other analysts have also recently issued reports about the company. Oppenheimer raised their target price on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday. Barclays upped their target price on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. dropped their price objective on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $61.00 price target on shares of Revolution Medicines in a report on Thursday. Finally, HC Wainwright reissued a “buy” rating and issued a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $56.75.

Revolution Medicines Stock Up 1.6 %

RVMD stock traded up $0.74 during midday trading on Monday, reaching $47.16. 331,122 shares of the company’s stock traded hands, compared to its average volume of 1,309,735. The company has a market cap of $7.88 billion, a price-to-earnings ratio of -12.96 and a beta of 1.43. The firm’s fifty day moving average price is $45.26 and its 200-day moving average price is $41.95. Revolution Medicines has a 52 week low of $18.00 and a 52 week high of $51.00.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (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 analysts’ expectations of $0.81 million. During the same quarter last year, the firm posted ($0.92) earnings per share. The company’s quarterly revenue was down 73.8% on a year-over-year basis. Analysts forecast that Revolution Medicines will post -3.35 earnings per share for the current year.

Insider Activity

In other news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $45.88, for a total transaction of $458,800.00. Following the completion of the sale, the insider now owns 311,885 shares of the company’s stock, valued at approximately $14,309,283.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $45.88, for a total value of $458,800.00. Following the completion of the sale, the insider now owns 311,885 shares in the company, valued at approximately $14,309,283.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 264,408 shares in the company, valued at approximately $13,085,551.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,866 shares of company stock valued at $6,814,424. 8.00% of the stock is currently owned by company insiders.

Institutional Trading of Revolution Medicines

Several hedge funds have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC purchased a new position in Revolution Medicines in the first quarter worth $6,656,000. Vanguard Group Inc. raised its stake in Revolution Medicines by 0.8% in the first 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 last quarter. Seven Eight Capital LP acquired a new stake in Revolution Medicines in the first quarter worth about $2,208,000. Price T Rowe Associates Inc. MD grew its stake in shares of Revolution Medicines by 3.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock worth $155,166,000 after acquiring an additional 177,957 shares during the last quarter. Finally, Sei Investments Co. acquired a new stake in Revolution Medicines in the 1st quarter worth approximately $528,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.