Revolution Medicines (NASDAQ:RVMD) Raised to Strong-Buy at TD Cowen

Key Points

• TD Cowen upgraded Revolution Medicines to “strong buy,” adding to a largely positive analyst outlook. The stock has a consensus “moderate buy” rating and an average price target of $167.89.
• Shares opened at $211.58, near their 12-month high of $220.34, with a market capitalization of approximately $45.35 billion. The company reported a quarterly loss of $3.06 per share, missing estimates by $1.02.
• Institutional investors own 94.34% of Revolution Medicines, while insiders have sold 132,497 shares worth $21.47 million over the past 90 days, primarily to cover tax obligations tied to equity awards.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $195.00 price target on shares of Revolution Medicines in a report on Monday, July 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Revolution Medicines in a report on Friday, July 17th. Guggenheim boosted their target price on Revolution Medicines from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wedbush upped their target price on shares of Revolution Medicines from $192.10 to $201.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Finally, Piper Sandler raised their price target on shares of Revolution Medicines to $172.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $167.89.

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $211.58 on Monday. Revolution Medicines has a twelve month low of $35.62 and a twelve month high of $220.34. The firm has a market cap of $45.35 billion, a P/E ratio of -23.99 and a beta of 1.39. The company has a 50 day moving average of $189.02 and a 200 day moving average of $145.65. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its 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 quarter last year, the firm posted ($1.31) earnings per share. As a group, research analysts expect that Revolution Medicines will post -8.82 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider owned 267,330 shares in the company, valued at $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 132,497 shares of company stock valued at $21,470,486 in the last 90 days. 7.60% of the stock is owned by company insiders.

Institutional Trading of Revolution Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nextech Invest Ltd. raised its stake in 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 acquiring an additional 1,304,347 shares during the period. Millennium Management LLC increased its stake in Revolution Medicines by 681.8% in the 1st quarter. Millennium Management LLC now owns 156,353 shares of the company's stock worth $5,529,000 after buying an additional 136,353 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Revolution Medicines by 14.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company's stock worth $10,615,000 after buying an additional 37,345 shares in the last quarter. Invesco Ltd. raised its holdings in Revolution Medicines by 19.3% during the second quarter. Invesco Ltd. now owns 227,019 shares of the company's stock valued at $8,352,000 after acquiring an additional 36,760 shares during the period. Finally, Jump Financial LLC raised its holdings in Revolution Medicines by 87.9% during the second quarter. Jump Financial LLC now owns 15,258 shares of the company's stock valued at $561,000 after acquiring an additional 7,137 shares during the period. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source