Truist Financial Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Key Points

• Truist Financial raised its price target for Revolution Medicines from $240 to $241 and maintained a “buy” rating, implying approximately 32.9% upside. Analysts collectively assign the stock a “Moderate Buy” rating with a consensus target of $242.60.
• Revolution Medicines reported a quarterly loss of $3.06 per share, missing the consensus estimate of a $2.04 loss. Analysts expect the company to post a full-year loss of approximately $8.93 per share.
• Insiders sold nearly 291,000 shares worth $59.4 million over the past 90 days, while institutional investors own 94.34% of the company. The clinical-stage biotech is developing targeted therapies for RAS-mutant cancers, including daraxonrasib and mutation-specific programs.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective lifted by stock analysts at Truist Financial from $240.00 to $241.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective would suggest a potential upside of 32.94% from the company's current price.

A number of other equities analysts have also recently issued reports on RVMD. Weiss Ratings restated a "sell (d-)" rating on shares of Revolution Medicines in a research note on Thursday. Brookline Capital Markets initiated coverage on Revolution Medicines in a research note on Monday, September 28th. They issued a "buy" rating and a $318.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating and issued a $275.00 target price on shares of Revolution Medicines in a report on Thursday. Stifel Nicolaus increased their target price on Revolution Medicines from $215.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Finally, Bank of America raised their target price on Revolution Medicines from $225.00 to $265.00 and gave the stock a "buy" rating in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Revolution Medicines has an average rating of "Moderate Buy" and a consensus target price of $242.60.

Revolution Medicines Trading Up 1.9%

Shares of RVMD stock opened at $181.29 on Monday. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines has a 1 year low of $52.48 and a 1 year high of $224.31. The firm's fifty day simple moving average is $203.22 and its 200 day simple moving average is $173.99. The firm has a market capitalization of $38.86 billion, a P/E ratio of -20.75 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the prior year, the business posted ($1.31) EPS. As a group, sell-side analysts predict that Revolution Medicines will post -8.93 EPS for the current year.

Insiders Place Their Bets

In related news, insider Mark Goldsmith sold 80,000 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the sale, the insider directly owned 267,330 shares in the company, valued at $55,925,436. This represents a 23.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen Kelsey sold 92,531 shares of the firm's 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 sale, the insider directly owned 291,876 shares of the company's stock, valued at $59,064,027.36. This represents a 24.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 290,991 shares of company stock worth $59,422,765 over the last ninety days. 7.60% of the stock is owned by insiders.

Institutional Trading of Revolution Medicines

Large investors have recently made changes to their positions in the business. IFP Advisors Inc lifted its holdings in shares of Revolution Medicines by 8.7% in the third quarter. IFP Advisors Inc now owns 810 shares of the company's stock valued at $166,000 after purchasing an additional 65 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Revolution Medicines by 37.0% during the third quarter. TD Waterhouse Canada Inc. now owns 370 shares of the company's stock worth $76,000 after buying an additional 100 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Revolution Medicines by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company's stock worth $401,000 after buying an additional 120 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Revolution Medicines by 147.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 218 shares of the company's stock worth $41,000 after buying an additional 130 shares during the period. Finally, Burkett Financial Services LLC bought a new position in shares of Revolution Medicines during the third quarter worth about $27,000. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Company Profile

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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