JPMorgan Chase & Co. Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $54.00 to $63.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 6.60% from the stock's previous close.

A number of other research firms have also recently commented on RVMD. Oppenheimer boosted their price objective on Revolution Medicines from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, October 28th. HC Wainwright reissued a "buy" rating and issued a $56.00 price target on shares of Revolution Medicines in a report on Monday, August 12th. Barclays upped their price objective on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday, September 27th. Piper Sandler lifted their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Wedbush restated an "outperform" rating and set a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $61.00.

Revolution Medicines Price Performance

RVMD stock traded down $0.32 during midday trading on Thursday, hitting $59.10. 1,980,842 shares of the stock traded hands, compared to its average volume of 1,335,572. Revolution Medicines has a 1-year low of $18.79 and a 1-year high of $60.53. The stock's fifty day simple moving average is $46.86 and its 200-day simple moving average is $42.89. The firm has a market cap of $9.87 billion, a P/E ratio of -16.39 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.05). During the same quarter in the previous year, the business posted ($0.99) earnings per share. On average, research analysts predict that Revolution Medicines will post -3.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 30,000 shares of the company's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.36, for a total value of $1,510,800.00. Following the completion of the sale, the insider now directly owns 300,170 shares in the company, valued at $15,116,561.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Mark A. Goldsmith sold 30,000 shares of the business's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the transaction, the insider now owns 300,170 shares of the company's stock, valued at approximately $15,116,561.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm's stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 in the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Revolution Medicines in the first quarter valued at $104,000. Duality Advisers LP purchased a new stake in Revolution Medicines in the 1st quarter valued at about $826,000. SG Americas Securities LLC lifted its position in Revolution Medicines by 153.9% in the first quarter. SG Americas Securities LLC now owns 9,129 shares of the company's stock valued at $294,000 after buying an additional 5,534 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Revolution Medicines during the first quarter worth about $6,656,000. Finally, Sei Investments Co. acquired a new stake in shares of Revolution Medicines during the first quarter valued at about $528,000. 94.34% of the stock is currently 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.