Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $350.00

Key Points

• HC Wainwright raised its Revolution Medicines price target to $350 from $280 and maintained a Buy rating; the new target implies about 97% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports an average “Moderate Buy” rating and consensus price target of $263.15, with multiple firms recently raising their targets.
• Third-quarter results beat estimates: revenue was $197.56 million versus $25.58 million expected, while the loss of $1.90 per share was narrower than the $2.35 forecast. The article attributes the revenue surge largely to early RASONQUE uptake.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective upped by research analysts at HC Wainwright from $280.00 to $350.00 in a research report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 97.02% from the company's previous close.

RVMD has been the subject of several other research reports. Guggenheim boosted their price objective on shares of Revolution Medicines from $275.00 to $298.00 and gave the stock a "buy" rating in a research report on Thursday. The Goldman Sachs Group initiated coverage on Revolution Medicines in a research report on Thursday, September 24th. They issued a "buy" rating and a $267.00 price objective on the stock. Piper Sandler increased their price objective on Revolution Medicines from $210.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday. Truist Financial reissued a "buy" rating and issued a $261.00 target price (up from $241.00) on shares of Revolution Medicines in a research note on Thursday. Finally, Wedbush boosted their target price on Revolution Medicines from $201.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has issued a Hold 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 "Moderate Buy" and an average price target of $263.15.

Revolution Medicines Trading Down 11.0%

Shares of NASDAQ RVMD opened at $177.65 on Friday. Revolution Medicines has a 1-year low of $58.91 and a 1-year high of $224.31. The company has a market cap of $38.08 billion, a PE ratio of -19.50 and a beta of 1.44. 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 has a 50-day moving average of $197.46 and a two-hundred day moving average of $157.18.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported ($1.90) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.35) by $0.45. The company had revenue of $197.56 million for the quarter, compared to analyst estimates of $25.58 million. During the same quarter in the previous year, the company posted ($1.61) earnings per share. As a group, equities analysts expect that Revolution Medicines will post -8.94 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, Director Elizabeth M. Anderson sold 10,143 shares of the company's stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $193.04, for a total transaction of $1,958,004.72. Following the completion of the sale, the director owned 4,333 shares in the company, valued at approximately $836,442.32. The trade was a 70.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $202.36, for a total value of $18,724,573.16. Following the completion of the transaction, the insider directly owned 291,876 shares in the company, valued at approximately $59,064,027.36. This trade represents a 24.07% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 290,991 shares of company stock valued at $59,422,765. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds have recently added to or reduced their stakes in the stock. Burkett Financial Services LLC bought a new position in shares of Revolution Medicines during the third quarter worth about $27,000. Contravisory Investment Management Inc. bought a new stake in Revolution Medicines in the 2nd quarter valued at approximately $32,000. ABS Investment Management LLC bought a new stake in Revolution Medicines in the 2nd quarter valued at approximately $337,104,000. Johnson Financial Group Inc. bought a new stake in Revolution Medicines in the 2nd quarter valued at approximately $37,000. Finally, Mather Group LLC. acquired a new position in Revolution Medicines during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Revolution Medicines News Summary

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: Third-quarter revenue reached $197.6 million, far above the $25.58 million consensus estimate. Nearly all of it came from RASONQUE during its first five weeks on the U.S. market; reports cited treatment of more than 5,000 patients. The quarterly loss of $1.90 per share was also narrower than the expected $2.35, though wider than a year earlier. Zacks report on Q3 sales and RASONQUE uptake
• Positive Sentiment: The European Medicines Agency’s CHMP recommended marketing authorization for daraxonrasib (RASONQUE) in the EU, adding a potential international growth opportunity. Company Q3 results and corporate update
• Positive Sentiment: Several firms raised their targets and maintained bullish ratings. RBC increased its target to $321 from $260 with an Outperform rating; TD Cowen raised its target to $270, and Guggenheim to $298, both with Buy ratings. RBC price-target report
• Negative Sentiment: Brookline Capital Markets lowered its FY2029 and FY2030 EPS forecasts to $8.49 and $17.41, respectively, from $8.94 and $18.15. It nevertheless kept its Buy rating and $318 price target.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company's research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.

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