Revolution Medicines (NASDAQ:RVMD) Hits New 12-Month High at $37.62

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $37.62 and last traded at $37.54, with a volume of 694033 shares. The stock had previously closed at $36.50.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Needham & Company LLC restated a "buy" rating and set a $36.00 target price on shares of Revolution Medicines in a research report on Monday. Raymond James upgraded Revolution Medicines from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $36.00 to $48.00 in a research report on Wednesday. Bank of America upgraded Revolution Medicines from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $31.00 to $34.00 in a research report on Friday, January 5th. Wedbush upped their price objective on Revolution Medicines from $41.00 to $42.00 and gave the stock an "outperform" rating in a report on Tuesday, February 27th. Finally, Piper Sandler assumed coverage on Revolution Medicines in a report on Monday, March 11th. They issued an "overweight" rating and a $43.00 price objective for the company. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $40.00.

Revolution Medicines Stock Performance

The business has a 50 day moving average price of $30.80 and a two-hundred day moving average price of $27.20. The company has a market cap of $6.16 billion, a P/E ratio of -10.24 and a beta of 1.54.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.29). The firm had revenue of $0.74 million during the quarter, compared to the consensus estimate of $1.20 million. During the same period in the previous year, the business posted ($0.63) earnings per share. The company's revenue was down 95.2% compared to the same quarter last year. As a group, research analysts expect that Revolution Medicines, Inc. will post -3.17 EPS for the current year.

Insider Activity

In other Revolution Medicines news, General Counsel Jeff Cislini sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $30.99, for a total transaction of $46,485.00. Following the completion of the transaction, the general counsel now owns 54,374 shares of the company's stock, valued at approximately $1,685,050.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Margaret A. Horn sold 2,914 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.58, for a total value of $92,024.12. Following the completion of the transaction, the chief operating officer now owns 139,553 shares of the company's stock, valued at approximately $4,407,083.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jeff Cislini sold 1,500 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $30.99, for a total value of $46,485.00. Following the completion of the transaction, the general counsel now directly owns 54,374 shares of the company's stock, valued at approximately $1,685,050.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,550 shares of company stock valued at $325,414. Insiders own 8.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of Revolution Medicines by 40.8% in the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company's stock worth $426,818,000 after acquiring an additional 4,309,611 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Revolution Medicines by 51.8% in the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company's stock worth $419,714,000 after buying an additional 4,990,800 shares during the last quarter. BlackRock Inc. grew its stake in shares of Revolution Medicines by 10.6% in the 2nd quarter. BlackRock Inc. now owns 8,257,616 shares of the company's stock worth $220,891,000 after buying an additional 791,842 shares during the last quarter. Nextech Invest Ltd. grew its stake in shares of Revolution Medicines by 30.1% in the 4th quarter. Nextech Invest Ltd. now owns 6,296,740 shares of the company's stock worth $180,591,000 after buying an additional 1,457,211 shares during the last quarter. Finally, BVF Inc. IL grew its stake in shares of Revolution Medicines by 50.2% in the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company's stock worth $171,541,000 after buying an additional 2,000,000 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

About Revolution Medicines

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.