Revolution Medicines (NASDAQ:RVMD) Stock Picked Up by Analysts at Brookline Capital Markets

Key Points

• Brookline Capital Markets initiated coverage of Revolution Medicines with a “buy” rating and a $318 price target, implying 56.09% upside from the prior close. Analysts overall assign the stock a “Moderate Buy” rating with an average target of $234.33.
• Revolution Medicines shares traded at $203.72, while the clinical-stage biotech reported a quarterly loss of $3.06 per share, missing analyst expectations of a $2.04 loss.
• Insiders sold $58.1 million of stock over the past 90 days, while institutional investors own 94.34% of shares. The company is developing targeted cancer therapies focused on oncogenic RAS signaling.

Brookline Capital Markets assumed coverage on shares of Revolution Medicines (NASDAQ:RVMD - Get Free Report) in a research note issued on Monday, Benzinga reports. The firm set a "buy" rating and a $318.00 price target on the stock. Brookline Capital Markets' price target suggests a potential upside of 56.09% from the stock's previous close.

Several other research firms have also recently weighed in on RVMD. Bank of America lifted their price target on shares of Revolution Medicines from $225.00 to $265.00 and gave the company a "buy" rating in a report on Monday, September 21st. Stifel Nicolaus boosted their price objective on shares of Revolution Medicines from $215.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Wolfe Research restated an "outperform" rating and set a $220.00 price objective on shares of Revolution Medicines in a research report on Monday, August 10th. Wedbush lifted their price objective on Revolution Medicines from $201.00 to $225.00 and gave the stock an "outperform" rating in a report on Thursday, August 27th. Finally, Evercore restated an "outperform" rating and set a $320.00 price target on shares of Revolution Medicines in a research note on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $234.33.

Revolution Medicines Stock Performance

RVMD traded down $1.25 during trading hours on Monday, hitting $203.72. The stock had a trading volume of 615,530 shares, compared to its average volume of 2,905,349. The stock has a market cap of $43.67 billion, a PE ratio of -23.06 and a beta of 1.40. Revolution Medicines has a 1 year low of $44.05 and a 1 year high of $224.31. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The company's fifty day simple moving average is $200.82 and its 200 day simple moving average is $163.37.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the previous year, the company posted ($1.31) earnings per share. Equities analysts anticipate that Revolution Medicines will post -8.87 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Stephen Kelsey sold 92,531 shares of Revolution Medicines stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the completion of the sale, the insider owned 291,876 shares of the company's stock, valued at approximately $59,064,027.36. The trade was a 24.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lorence Kim sold 56,000 shares of the company's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $203.24, for a total value of $11,381,440.00. Following the completion of the sale, the director owned 17,090 shares of the company's stock, valued at $3,473,371.60. This represents a 76.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 284,682 shares of company stock worth $58,147,464 over the last ninety days. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Equitable Holdings Inc. purchased a new stake in Revolution Medicines in the second quarter valued at $963,000. State of Wyoming acquired a new position in shares of Revolution Medicines in the 2nd quarter valued at $1,769,000. Handelsbanken Fonder AB boosted its stake in Revolution Medicines by 243.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company's stock worth $39,755,000 after purchasing an additional 150,500 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Revolution Medicines in the second quarter valued at about $112,566,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Revolution Medicines during the second quarter worth about $37,547,000. 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 treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.

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