Revolution Medicines' (RVMD) "Outperform" Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Revolution Medicines (NASDAQ:RVMD - Free Report) in a report published on Thursday morning,RTT News reports. The brokerage currently has a $67.00 target price on the stock.

A number of other equities research analysts have also recently weighed in on the company. Guggenheim increased their price target on Revolution Medicines from $82.00 to $87.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. HC Wainwright increased their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Stifel Nicolaus cut their target price on shares of Revolution Medicines from $80.00 to $78.00 and set a "buy" rating for the company in a research note on Thursday. JPMorgan Chase & Co. upped their price target on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC lowered their price target on shares of Revolution Medicines from $60.00 to $59.00 and set a "buy" rating on the stock in a report on Thursday. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Revolution Medicines has a consensus rating of "Buy" and an average price target of $66.31.

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Revolution Medicines Trading Down 5.9 %

Shares of RVMD traded down $2.40 during midday trading on Thursday, reaching $38.34. The stock had a trading volume of 1,576,369 shares, compared to its average volume of 1,333,457. The firm has a market cap of $6.45 billion, a PE ratio of -10.68 and a beta of 1.45. The firm has a 50 day simple moving average of $42.15 and a 200-day simple moving average of $46.22. Revolution Medicines has a one year low of $29.00 and a one year high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.11). As a group, research analysts forecast that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Margaret A. Horn sold 4,329 shares of the business's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $196,536.60. Following the completion of the transaction, the chief operating officer now owns 127,991 shares of the company's stock, valued at $5,810,791.40. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jack Anders sold 2,635 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $45.40, for a total transaction of $119,629.00. Following the sale, the chief financial officer now owns 96,470 shares in the company, valued at $4,379,738. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,678 shares of company stock valued at $847,981 over the last 90 days. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of Revolution Medicines

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in Revolution Medicines by 1,109.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company's stock valued at $1,750,000 after acquiring an additional 35,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Revolution Medicines by 22.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,041 shares of the company's stock valued at $267,000 after purchasing an additional 1,115 shares during the last quarter. KBC Group NV raised its holdings in shares of Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company's stock worth $146,000 after buying an additional 368 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Revolution Medicines during the 3rd quarter worth $216,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Revolution Medicines in the third quarter valued at about $1,220,000. Institutional investors 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.