UBS Group Forecasts Strong Price Appreciation for Revolution Medicines (NASDAQ:RVMD) Stock

Revolution Medicines (NASDAQ:RVMD - Free Report) had its price objective upped by UBS Group from $65.00 to $71.00 in a research report released on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

RVMD has been the subject of several other research reports. Wedbush reiterated an "outperform" rating and set a $70.00 price target on shares of Revolution Medicines in a report on Monday, December 2nd. Oppenheimer raised their price target on Revolution Medicines from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, October 28th. Barclays increased their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, September 27th. Needham & Company LLC restated a "buy" rating and set a $68.00 target price on shares of Revolution Medicines in a research note on Tuesday, December 3rd. Finally, HC Wainwright increased their price target on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. 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.com, the stock currently has a consensus rating of "Buy" and an average target price of $66.25.

Revolution Medicines Stock Up 0.2 %

Revolution Medicines stock traded up $0.09 during mid-day trading on Wednesday, reaching $44.42. 1,017,499 shares of the company's stock were exchanged, compared to its average volume of 935,520. The company has a fifty day moving average of $50.63 and a 200-day moving average of $46.55. The company has a market cap of $7.47 billion, a P/E ratio of -12.37 and a beta of 1.46. Revolution Medicines has a twelve month low of $25.93 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its 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 period in the previous year, the business earned ($0.99) earnings per share. Equities research analysts expect that Revolution Medicines will post -3.5 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 30,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the transaction, the insider now directly owns 300,170 shares of the company's stock, valued at approximately $15,116,561.20. This represents a 9.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jack Anders sold 10,000 shares of the company's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the transaction, the chief financial officer now directly owns 98,932 shares in the company, valued at $4,976,279.60. This represents a 9.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 131,344 shares of company stock worth $6,504,602 in the last quarter. Company insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC increased its holdings in Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company's stock valued at $378,696,000 after acquiring an additional 2,249,820 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Revolution Medicines by 32.3% during the 3rd quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company's stock worth $278,280,000 after purchasing an additional 1,497,026 shares in the last quarter. FMR LLC raised its position in shares of Revolution Medicines by 4.4% during the 3rd quarter. FMR LLC now owns 5,875,893 shares of the company's stock worth $266,472,000 after purchasing an additional 250,037 shares during the last quarter. State Street Corp lifted its stake in Revolution Medicines by 4.1% in the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company's stock valued at $239,429,000 after buying an additional 208,516 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Revolution Medicines by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company's stock valued at $164,517,000 after buying an additional 291,369 shares during the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.