Needham & Company LLC Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $72.00

Revolution Medicines (NASDAQ:RVMD) had its price objective boosted by Needham & Company LLC from $66.00 to $72.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 21.33% from the company’s previous close.

Several other equities analysts have also recently issued reports on RVMD. Piper Sandler started coverage on Revolution Medicines in a research report on Monday, August 18th. They issued an “overweight” rating and a $75.00 price target on the stock. Royal Bank Of Canada started coverage on Revolution Medicines in a research report on Monday. They issued an “outperform” rating and a $77.00 price target on the stock. Raymond James Financial boosted their price target on Revolution Medicines from $72.00 to $76.00 and gave the company a “strong-buy” rating in a research report on Friday, October 17th. Stifel Nicolaus began coverage on Revolution Medicines in a research report on Wednesday, October 15th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Wedbush lifted their price objective on Revolution Medicines from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $78.06.

Revolution Medicines Stock Up 1.3%

RVMD opened at $59.34 on Thursday. The business’s 50-day simple moving average is $47.71 and its 200-day simple moving average is $41.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. Revolution Medicines has a one year low of $29.17 and a one year high of $62.40. The stock has a market capitalization of $11.09 billion, a P/E ratio of -13.19 and a beta of 1.25.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, November 5th. The company reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22). During the same period last year, the business posted ($0.94) earnings per share. Analysts anticipate that Revolution Medicines will post -3.49 EPS for the current year.

Insider Buying and Selling at Revolution Medicines

In other news, COO Margaret A. Horn sold 4,775 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total transaction of $218,790.50. Following the sale, the chief operating officer owned 145,900 shares of the company’s stock, valued at $6,685,138. The trade was a 3.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jack Anders sold 2,320 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total value of $106,302.40. Following the sale, the chief financial officer directly owned 110,994 shares in the company, valued at $5,085,745.08. This trade represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 188,033 shares of company stock worth $8,456,208. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently bought and sold shares of RVMD. Norges Bank purchased a new stake in Revolution Medicines in the 2nd quarter valued at approximately $62,584,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Revolution Medicines during the 1st quarter worth $59,173,000. Nextech Invest Ltd. lifted its stake in shares of Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after purchasing an additional 1,304,347 shares during the period. Vestal Point Capital LP purchased a new position in shares of Revolution Medicines during the 2nd quarter worth $44,148,000. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Revolution Medicines by 18,248.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,064,046 shares of the company’s stock worth $37,625,000 after purchasing an additional 1,058,247 shares during the period. Hedge funds and other institutional investors 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.