Revolution Medicines (NASDAQ:RVMD) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Revolution Medicines (NASDAQ:RVMD) in a research note released on Thursday, Benzinga reports. The firm currently has a $61.00 price target on the stock.

Several other equities analysts have also recently weighed in on the company. Jefferies Financial Group initiated coverage on Revolution Medicines in a research report on Monday, July 8th. They issued a “buy” rating and a $63.00 price target for the company. 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. Bank of America boosted their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. lowered their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Finally, Barclays raised their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $54.00.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $46.42 on Thursday. The stock has a market capitalization of $7.66 billion, a P/E ratio of -12.38 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 stock’s 50-day simple moving average is $45.26 and its 200 day simple moving average is $41.91.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. The firm’s revenue for the quarter was down 73.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.92) earnings per share. Equities research analysts forecast that Revolution Medicines will post -3.35 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 98,932 shares of the company’s stock, valued at $4,976,279.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Margaret A. Horn sold 50,000 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the completion of the sale, the chief operating officer now owns 132,320 shares of the company’s stock, valued at approximately $6,660,988.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jack Anders sold 10,000 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.30, for a total value of $503,000.00. Following the sale, the chief financial officer now owns 98,932 shares of the company’s stock, valued at $4,976,279.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,866 shares of company stock valued at $6,814,424. Corporate insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Revolution Medicines by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after buying an additional 222 shares during the last quarter. Headlands Technologies LLC raised its stake in shares of Revolution Medicines by 140.9% during the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock valued at $49,000 after acquiring an additional 885 shares during the last quarter. Values First Advisors Inc. purchased a new stake in shares of Revolution Medicines during the third quarter worth about $93,000. Allspring Global Investments Holdings LLC purchased a new position in Revolution Medicines during the 1st quarter valued at about $104,000. Finally, EntryPoint Capital LLC purchased a new position in Revolution Medicines during the 1st quarter valued at about $107,000. 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.