HC Wainwright Comments on Revolution Medicines, Inc.'s Q2 2024 Earnings (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) - Investment analysts at HC Wainwright boosted their Q2 2024 earnings per share (EPS) estimates for shares of Revolution Medicines in a research note issued on Monday, May 13th. HC Wainwright analyst R. Burns now anticipates that the company will post earnings of ($0.73) per share for the quarter, up from their previous estimate of ($0.74). HC Wainwright currently has a "Buy" rating and a $44.00 target price on the stock. The consensus estimate for Revolution Medicines' current full-year earnings is ($3.16) per share. HC Wainwright also issued estimates for Revolution Medicines' Q3 2024 earnings at ($0.77) EPS, Q4 2024 earnings at ($0.80) EPS and FY2024 earnings at ($3.00) EPS.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, May 8th. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.05. During the same quarter in the prior year, the company posted ($0.72) earnings per share. Revolution Medicines's quarterly revenue was down 100.0% on a year-over-year basis.

Several other equities analysts have also recently weighed in on the company. Piper Sandler began coverage on Revolution Medicines in a report on Monday, March 11th. They set an "overweight" rating and a $43.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and set a $46.00 price objective on shares of Revolution Medicines in a report on Thursday, May 9th. Oppenheimer increased their target price on Revolution Medicines from $43.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, April 12th. Raymond James raised Revolution Medicines from an "outperform" rating to a "strong-buy" rating and upped their price objective for the stock from $36.00 to $48.00 in a research report on Wednesday, April 10th. Finally, Wedbush increased their price objective on Revolution Medicines from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Thursday, May 9th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $43.20.

Revolution Medicines Stock Performance

RVMD stock traded up $2.01 during midday trading on Wednesday, hitting $39.39. 1,343,368 shares of the company's stock were exchanged, compared to its average volume of 1,344,505. Revolution Medicines has a one year low of $15.44 and a one year high of $40.21. The company has a market cap of $6.50 billion, a PE ratio of -10.63 and a beta of 1.46. The stock's fifty day moving average price is $34.36 and its 200-day moving average price is $29.08.

Hedge Funds Weigh In On Revolution Medicines

A number of hedge funds have recently bought and sold shares of RVMD. Wellington Management Group LLP lifted its position in shares of Revolution Medicines by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,572,475 shares of the company's stock valued at $292,646,000 after acquiring an additional 282,786 shares during the period. Vanguard Group Inc. increased its holdings in Revolution Medicines by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 9,643,591 shares of the company's stock valued at $266,935,000 after buying an additional 303,088 shares during the period. Walleye Capital LLC acquired a new position in shares of Revolution Medicines in the 3rd quarter valued at approximately $2,644,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Revolution Medicines by 45.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,405 shares of the company's stock worth $2,306,000 after acquiring an additional 25,160 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Revolution Medicines by 392.5% during the 3rd quarter. Victory Capital Management Inc. now owns 342,359 shares of the company's stock worth $9,476,000 after acquiring an additional 272,848 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 1,261 shares of the firm's 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 $39,822.38. Following the completion of the sale, the chief financial officer now directly owns 101,959 shares of the company's stock, valued at $3,219,865.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Jack Anders sold 1,261 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.58, for a total value of $39,822.38. Following the transaction, the chief financial officer now directly owns 101,959 shares of the company's stock, valued at $3,219,865.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $37.00, for a total transaction of $79,735.00. Following the sale, the director now directly owns 15,700 shares of the company's stock, valued at approximately $580,900. The disclosure for this sale can be found here. Insiders sold a total of 28,705 shares of company stock worth $1,031,049 over the last quarter. 8.50% of the stock is currently owned by insiders.

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.