Revolution Medicines (NASDAQ:RVMD) Reaches New 52-Week High at $39.00

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) shares reached a new 52-week high on Wednesday . The company traded as high as $39.00 and last traded at $39.00, with a volume of 679918 shares trading hands. The stock had previously closed at $37.28.

Analyst Ratings Changes

RVMD has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $46.00 target price (up from $36.00) on shares of Revolution Medicines in a research note on Monday, April 8th. Wedbush raised their price objective on shares of Revolution Medicines from $41.00 to $42.00 and gave the stock an "outperform" rating in a report on Tuesday, February 27th. Bank of America raised shares of Revolution Medicines from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $31.00 to $34.00 in a report on Friday, January 5th. Piper Sandler started coverage on shares of Revolution Medicines in a report on Monday, March 11th. They issued an "overweight" rating and a $43.00 price objective for the company. Finally, Raymond James raised shares of Revolution Medicines from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $36.00 to $48.00 in a report on Wednesday, April 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $41.20.

Revolution Medicines Stock Performance

The firm has a market capitalization of $6.62 billion, a PE ratio of -10.30 and a beta of 1.54. The company's 50 day simple moving average is $32.84 and its 200-day simple moving average is $28.22.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The business had revenue of $0.74 million for the quarter, compared to analyst estimates of $1.20 million. During the same quarter in the previous year, the company earned ($0.63) EPS. Revolution Medicines's quarterly revenue was down 95.2% on a year-over-year basis. On average, equities research analysts forecast that Revolution Medicines, Inc. will post -3.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 7,500 shares of the firm's stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $35.48, for a total transaction of $266,100.00. Following the sale, the insider now owns 452,879 shares in the company, valued at approximately $16,068,146.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Stephen Michael Kelsey sold 2,123 shares of Revolution Medicines stock in a transaction on Monday, March 18th. The shares were sold at an average price of $31.58, for a total value of $67,044.34. Following the transaction, the insider now owns 270,909 shares in the company, valued at approximately $8,555,306.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 7,500 shares of Revolution Medicines stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $35.48, for a total transaction of $266,100.00. Following the completion of the transaction, the insider now owns 452,879 shares in the company, valued at approximately $16,068,146.92. The disclosure for this sale can be found here. Insiders have sold 18,705 shares of company stock worth $630,749 in the last three months. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in Revolution Medicines in the 1st quarter worth $104,000. China Universal Asset Management Co. Ltd. raised its position in Revolution Medicines by 67.0% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 31,637 shares of the company's stock worth $1,020,000 after purchasing an additional 12,696 shares during the period. Mass General Brigham Inc purchased a new position in Revolution Medicines in the 1st quarter worth $10,900,000. Vanguard Group Inc. raised its position in 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 purchasing an additional 4,990,800 shares during the period. Finally, Mubadala Investment Co PJSC purchased a new position in Revolution Medicines in the 4th quarter worth $7,973,000. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Company Profile

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.