Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $259.00

Key Points

• RBC raised Revolution Medicines’ price target to $259 from $251 and maintained an “outperform” rating, implying 40.47% upside from the prior close. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $234.76.
• RVMD shares fell 8.2% to $184.38 during Thursday trading. The company reported quarterly EPS of negative $3.06, missing the consensus estimate of negative $2.04.
• Insiders sold roughly 291,000 shares worth $59.4 million over the past 90 days, while institutional investors own 94.34% of the stock. Revolution Medicines is developing targeted cancer therapies focused on the RAS signaling pathway.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price target raised by investment analysts at Royal Bank Of Canada from $251.00 to $259.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 40.47% from the stock's previous close.

Several other brokerages also recently weighed in on RVMD. Guggenheim raised their target price on shares of Revolution Medicines from $240.00 to $275.00 and gave the company a "buy" rating in a research note on Friday, August 28th. The Goldman Sachs Group initiated coverage on Revolution Medicines in a report on Thursday, September 24th. They set a "buy" rating and a $267.00 price objective for the company. Brookline Capital Markets began coverage on Revolution Medicines in a research report on Monday, September 28th. They issued a "buy" rating and a $318.00 price objective for the company. Raymond James Financial restated a "strong-buy" rating and set a $248.00 target price on shares of Revolution Medicines in a research note on Thursday, August 27th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Revolution Medicines has an average rating of "Moderate Buy" and a consensus price target of $234.76.

Revolution Medicines Stock Down 8.2%

Shares of RVMD traded down $16.50 during mid-day trading on Thursday, hitting $184.38. The company's stock had a trading volume of 1,111,558 shares, compared to its average volume of 2,854,246. The firm has a market capitalization of $39.52 billion, a price-to-earnings ratio of -20.93 and a beta of 1.40. Revolution Medicines has a 52-week low of $47.28 and a 52-week high of $224.31. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The company's 50-day moving average is $203.91 and its 200-day moving average is $169.34.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the previous year, the company earned ($1.31) earnings per share. On average, equities research analysts forecast that Revolution Medicines will post -8.87 EPS for the current fiscal year.

Insider Activity

In related news, COO Margaret Horn sold 4,967 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the transaction, the chief operating officer directly owned 149,680 shares of the company's stock, valued at $29,822,243.20. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Elizabeth Anderson sold 10,143 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $193.04, for a total value of $1,958,004.72. Following the completion of the transaction, the director owned 4,333 shares of the company's stock, valued at $836,442.32. This trade represents a 70.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 290,991 shares of company stock valued at $59,422,765. 7.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Cooper Financial Group acquired a new stake in shares of Revolution Medicines during the third quarter worth about $369,000. Burkett Financial Services LLC acquired a new position in Revolution Medicines in the 3rd quarter worth approximately $27,000. QRG Capital Management Inc. increased its holdings in Revolution Medicines by 31.6% in the 2nd quarter. QRG Capital Management Inc. now owns 8,083 shares of the company's stock worth $1,514,000 after buying an additional 1,943 shares during the period. Andra AP fonden raised its position in Revolution Medicines by 69.9% during the 2nd quarter. Andra AP fonden now owns 28,200 shares of the company's stock worth $5,281,000 after buying an additional 11,600 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Revolution Medicines during the 2nd quarter worth approximately $626,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company's research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.