Revolution Medicines (NASDAQ:RVMD) Earns Buy Rating from Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD - Get Free Report)'s stock had its "buy" rating restated by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $46.00 price target on the stock. Needham & Company LLC's price target indicates a potential upside of 22.83% from the company's current price.

RVMD has been the topic of a number of other reports. Wedbush lifted their price objective on shares of Revolution Medicines from $41.00 to $42.00 and gave the company an "outperform" rating in a research note on Tuesday, February 27th. Raymond James upgraded shares of Revolution Medicines from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the company from $36.00 to $48.00 in a research note on Wednesday, April 10th. Oppenheimer lifted their price objective on shares of Revolution Medicines from $43.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, April 12th. Finally, Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, March 11th. They set an "overweight" rating and a $43.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Revolution Medicines has a consensus rating of "Buy" and a consensus price target of $41.60.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock traded down $0.86 during trading on Thursday, hitting $37.45. 1,234,619 shares of the stock were exchanged, compared to its average volume of 1,351,405. The firm's 50-day moving average price is $33.75 and its 200 day moving average price is $28.52. Revolution Medicines has a 12-month low of $15.44 and a 12-month high of $40.21. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -9.93 and a beta of 1.46.

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

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the company's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $40.03, for a total value of $400,300.00. Following the sale, the chief financial officer now owns 101,959 shares of the company's stock, valued at $4,081,418.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Jack Anders sold 10,000 shares of the business's stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $40.03, for a total value of $400,300.00. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through this link. Also, Director Sushil Patel sold 2,155 shares of the business's stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $37.00, for a total transaction of $79,735.00. Following the completion of the transaction, 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. Over the last 90 days, insiders have sold 28,705 shares of company stock valued at $1,031,049. Corporate insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors and hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC increased its position in shares of Revolution Medicines by 140.9% in the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company's stock worth $49,000 after acquiring an additional 885 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Revolution Medicines by 101.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,802 shares of the company's stock valued at $78,000 after purchasing an additional 1,409 shares during the period. Manchester Capital Management LLC purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $80,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Revolution Medicines in the first quarter valued at $104,000. Finally, Fred Alger Management LLC purchased a new position in shares of Revolution Medicines in the third quarter valued at $126,000. Institutional investors and hedge funds 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.