What is Wedbush's Forecast for RVMD FY2024 Earnings?

Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) - Wedbush cut their FY2024 EPS estimates for Revolution Medicines in a research note issued to investors on Thursday, November 7th. Wedbush analyst R. Driscoll now forecasts that the company will post earnings per share of ($3.43) for the year, down from their prior forecast of ($3.41). Wedbush currently has a "Outperform" rating and a $59.00 price objective on the stock. The consensus estimate for Revolution Medicines' current full-year earnings is ($3.42) per share. Wedbush also issued estimates for Revolution Medicines' Q4 2024 earnings at ($0.98) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.01) EPS, Q3 2025 earnings at ($1.04) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.10) EPS, FY2026 earnings at ($4.33) EPS, FY2027 earnings at ($4.20) EPS and FY2028 earnings at ($2.43) EPS.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the prior year, the firm earned ($0.99) EPS.

Several other equities research analysts have also recently weighed in on the company. HC Wainwright boosted their target price on Revolution Medicines from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Thursday. Piper Sandler lifted their price target on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an "overweight" rating in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on Revolution Medicines from $54.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday. Bank of America upped their target price on Revolution Medicines from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, July 16th. Finally, Oppenheimer lifted their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Revolution Medicines has an average rating of "Buy" and an average target price of $61.00.

Revolution Medicines Stock Up 0.6 %

Revolution Medicines stock traded up $0.34 during trading on Monday, reaching $60.78. The stock had a trading volume of 914,984 shares, compared to its average volume of 1,335,808. Revolution Medicines has a 52-week low of $19.05 and a 52-week high of $62.35. The business has a 50 day moving average price of $47.56 and a 200 day moving average price of $43.27. The stock has a market cap of $10.22 billion, a PE ratio of -16.84 and a beta of 1.40.

Insider Activity

In other news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the sale, the insider now owns 300,170 shares of the company's stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of the company's stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the sale, the director now directly owns 13,065 shares of the company's stock, valued at approximately $627,381.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the sale, the insider now directly owns 300,170 shares of the company's stock, valued at approximately $13,486,638.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is currently owned by company insiders.

Institutional Trading of Revolution Medicines

A number of institutional investors have recently bought and sold shares of RVMD. GAMMA Investing LLC grew its position in Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company's stock worth $28,000 after acquiring an additional 222 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company's stock valued at $49,000 after purchasing an additional 885 shares during the last quarter. Values First Advisors Inc. bought a new stake in Revolution Medicines in the third quarter worth $93,000. Allspring Global Investments Holdings LLC acquired a new position in Revolution Medicines during the first quarter worth $104,000. Finally, KBC Group NV raised its holdings in Revolution Medicines by 12.9% during the third quarter. KBC Group NV now owns 3,221 shares of the company's stock valued at $146,000 after buying an additional 368 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company's stock.

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.