Revolution Medicines (NASDAQ:RVMD) Given New $46.00 Price Target at Wedbush

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective lifted by analysts at Wedbush from $42.00 to $46.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's target price indicates a potential upside of 22.83% from the company's previous close.

Several other brokerages have also recently issued reports on RVMD. Piper Sandler began coverage on shares of Revolution Medicines in a research note on Monday, March 11th. They set an "overweight" rating and a $43.00 price objective for the company. Oppenheimer lifted their price objective on Revolution Medicines from $43.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, April 12th. Raymond James upgraded shares of Revolution Medicines from an "outperform" rating to a "strong-buy" rating and raised their price target for the company from $36.00 to $48.00 in a report on Wednesday, April 10th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $46.00 price objective on shares of Revolution Medicines in a research note on Thursday. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $41.60.

Revolution Medicines Stock Down 2.2 %

Shares of RVMD traded down $0.86 on Thursday, hitting $37.45. 1,234,636 shares of the stock traded hands, compared to its average volume of 1,351,405. Revolution Medicines has a 1 year low of $15.44 and a 1 year high of $40.21. The stock's 50 day moving average is $33.75 and its two-hundred day moving average is $28.52. The firm has a market capitalization of $6.38 billion, a P/E ratio of -9.93 and a beta of 1.46.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.75) by $0.05. During the same period last year, the business earned ($0.72) earnings per share. The company's revenue for the quarter was down 100.0% on a year-over-year basis. Research analysts forecast that Revolution Medicines will post -3.18 EPS for the current year.

Insider Activity

In related news, CFO Jack Anders sold 10,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $40.03, for a total value of $400,300.00. Following the completion of the sale, the chief financial officer now directly owns 101,959 shares of the company's stock, valued at approximately $4,081,418.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Jack Anders sold 10,000 shares of Revolution Medicines stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $40.03, for a total transaction of $400,300.00. Following the completion of the sale, the chief financial officer now owns 101,959 shares of the company's stock, valued at $4,081,418.77. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $37.00, for a total value of $79,735.00. Following the sale, the director now owns 15,700 shares of the company's stock, valued at $580,900. The disclosure for this sale can be found here. Insiders sold 28,705 shares of company stock worth $1,031,049 over the last quarter. Corporate insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Revolution Medicines by 40.8% in the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company's stock valued at $426,818,000 after purchasing an additional 4,309,611 shares during the period. Vanguard Group Inc. lifted its position in Revolution Medicines by 51.8% during the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company's stock worth $419,714,000 after acquiring an additional 4,990,800 shares during the last quarter. BVF Inc. IL boosted its holdings in Revolution Medicines by 50.2% during the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company's stock valued at $171,541,000 after acquiring an additional 2,000,000 shares during the period. Bellevue Group AG grew its position in shares of Revolution Medicines by 7.8% in the fourth quarter. Bellevue Group AG now owns 5,091,000 shares of the company's stock valued at $146,010,000 after purchasing an additional 369,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Revolution Medicines by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,795,421 shares of the company's stock worth $51,496,000 after purchasing an additional 133,558 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.