Revolution Medicines (NASDAQ:RVMD) Shares Up 3.2% - Still a Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report)'s share price rose 3.2% during trading on Wednesday . The stock traded as high as $49.94 and last traded at $48.66. Approximately 1,435,525 shares traded hands during mid-day trading, an increase of 10% from the average daily volume of 1,304,098 shares. The stock had previously closed at $47.13.

Wall Street Analyst Weigh In

Several brokerages recently commented on RVMD. Bank of America raised their target price on Revolution Medicines from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, July 16th. Needham & Company LLC reiterated a "buy" rating and set a $61.00 target price on shares of Revolution Medicines in a research report on Monday, October 7th. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research note on Monday, July 8th. They issued a "buy" rating and a $63.00 target price on the stock. JPMorgan Chase & Co. cut their price target on shares of Revolution Medicines from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Thursday, August 8th. Finally, HC Wainwright reiterated a "buy" rating and issued a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $54.00.

Revolution Medicines Stock Performance

The stock has a market cap of $8.10 billion, a P/E ratio of -13.33 and a beta of 1.43. The company has a 50-day simple moving average of $45.12 and a 200-day simple moving average of $41.71.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released 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 company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. During the same period last year, the company earned ($0.92) earnings per share. The firm's revenue was down 73.8% compared to the same quarter last year. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -3.35 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen Michael Kelsey sold 16,666 shares of the business's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $49.49, for a total value of $824,800.34. Following the completion of the transaction, the insider now owns 264,408 shares in the company, valued at $13,085,551.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 in the company, valued at $14,309,283.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of the business's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the sale, the insider now directly owns 264,408 shares of the company's stock, valued at approximately $13,085,551.92. This trade 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 over the last three months. 8.00% of the stock is owned by insiders.

Institutional Trading of Revolution Medicines

A number of institutional investors have recently bought and sold shares of RVMD. GAMMA Investing LLC grew its stake in shares of Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company's stock worth $28,000 after purchasing an additional 222 shares during the period. Headlands Technologies LLC grew its position in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company's stock worth $49,000 after buying an additional 885 shares during the period. Values First Advisors Inc. bought a new stake in shares of Revolution Medicines in the 3rd quarter valued at about $93,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Revolution Medicines in the 1st quarter valued at approximately $104,000. Finally, EntryPoint Capital LLC bought a new position in Revolution Medicines during the 1st quarter worth approximately $107,000. Institutional investors and hedge funds own 94.34% of the company's stock.

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.