Revolution Medicines (NASDAQ:RVMD) Stock Rating Upgraded by Raymond James

Raymond James upgraded shares of Revolution Medicines (NASDAQ:RVMD - Free Report) from an outperform rating to a strong-buy rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $48.00 target price on the stock, up from their previous target price of $36.00.

Several other analysts also recently weighed in on RVMD. UBS Group began coverage on Revolution Medicines in a research note on Wednesday, December 20th. They set a buy rating and a $40.00 price target on the stock. Needham & Company LLC reissued a buy rating and issued a $36.00 price objective on shares of Revolution Medicines in a report on Monday. Piper Sandler began 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. Bank of America raised Revolution Medicines from a neutral rating to a buy rating and boosted their price objective for the company from $31.00 to $34.00 in a report on Friday, January 5th. Finally, Wedbush upped their price target on Revolution Medicines from $41.00 to $42.00 and gave the stock an outperform rating in a report on Tuesday, February 27th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $40.00.

Revolution Medicines Trading Up 10.6 %

Shares of RVMD stock traded up $3.51 on Wednesday, reaching $36.50. 4,427,201 shares of the company's stock were exchanged, compared to its average volume of 1,383,413. The company's fifty day simple moving average is $30.80 and its 200 day simple moving average is $27.20. The stock has a market capitalization of $6.01 billion, a PE ratio of -9.68 and a beta of 1.54. Revolution Medicines has a 52 week low of $15.44 and a 52 week high of $37.50.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued 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 business had revenue of $0.74 million during the quarter, compared to analyst estimates of $1.20 million. During the same period in the previous year, the business posted ($0.63) earnings per share. The firm's quarterly revenue was down 95.2% compared to the same quarter last year. As a group, sell-side analysts predict that Revolution Medicines will post -3.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, General Counsel Jeff Cislini sold 1,500 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $27.00, for a total transaction of $40,500.00. Following the completion of the transaction, the general counsel now owns 36,126 shares of the company's stock, valued at $975,402. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Jack Anders sold 1,261 shares of the company'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 in the company, valued at $3,219,865.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Jeff Cislini sold 1,500 shares of the company's stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $27.00, for a total value of $40,500.00. Following the completion of the sale, the general counsel now owns 36,126 shares of the company's stock, valued at $975,402. The disclosure for this sale can be found here. Insiders sold 10,550 shares of company stock valued at $325,414 over the last quarter. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

A number of large investors have recently made changes to their positions in RVMD. Mass General Brigham Inc purchased a new position in Revolution Medicines in the first quarter worth approximately $10,900,000. Vanguard Group Inc. grew its position in Revolution Medicines by 51.8% in the fourth 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 period. Mubadala Investment Co PJSC purchased a new position in Revolution Medicines in the fourth quarter worth approximately $7,973,000. Wellington Management Group LLP grew its position in Revolution Medicines by 40.8% in the fourth 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 during the period. Finally, Goldman Sachs Group Inc. grew its position in Revolution Medicines by 67.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,053,257 shares of the company's stock worth $30,207,000 after acquiring an additional 425,812 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

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.