Needham & Company LLC Reaffirms Buy Rating for Revolution Medicines (NASDAQ:RVMD)

Needham & Company LLC reaffirmed their buy rating on shares of Revolution Medicines (NASDAQ:RVMD - Free Report) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $61.00 price target on the stock.

Several other research firms have also commented on RVMD. Oppenheimer boosted their price objective on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 16th. Bank of America lifted their price objective on Revolution Medicines from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, July 16th. Wedbush reiterated an "outperform" rating and set a $59.00 target price on shares of Revolution Medicines in a report on Thursday, August 8th. 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. Finally, JPMorgan Chase & Co. reduced their price objective on Revolution Medicines from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $54.00.

Revolution Medicines Stock Performance

NASDAQ:RVMD traded down $1.26 during trading hours on Thursday, hitting $47.25. The company's stock had a trading volume of 1,539,567 shares, compared to its average volume of 1,310,803. The company has a market capitalization of $7.89 billion, a PE ratio of -12.98 and a beta of 1.43. Revolution Medicines has a 52-week low of $18.00 and a 52-week high of $51.00. The business's 50-day moving average is $45.12 and its two-hundred day moving average is $41.71.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. The company's revenue for the quarter was down 73.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.92) EPS. As a group, analysts predict that Revolution Medicines will post -3.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the company's stock in a transaction 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 completion of the sale, the insider now directly owns 264,408 shares in the company, valued at $13,085,551.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were 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 owns 300,170 shares of the company's stock, valued at $13,486,638.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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 disclosure for this sale can be found here. Insiders have sold a total of 137,866 shares of company stock valued at $6,814,424 over the last quarter. Company insiders own 8.00% of the company's stock.

Institutional Trading of Revolution Medicines

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 222 shares during the period. Headlands Technologies LLC boosted its holdings in Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company's stock worth $49,000 after acquiring an additional 885 shares during the period. Values First Advisors Inc. acquired a new stake in Revolution Medicines in the third quarter valued at approximately $93,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Revolution Medicines during the first quarter valued at approximately $104,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Revolution Medicines during the first quarter worth $107,000. 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.