Needham & Company LLC Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Key Points

• Needham & Company LLC raised its price target on Revolution Medicines to $236 from $235 and kept a buy rating, implying about 26.77% upside from the prior close.
• Several other analysts also turned more positive on the stock, with multiple firms lifting targets and maintaining buy/outperform ratings. Overall, MarketBeat shows a Moderate Buy consensus and an average price target of $144.06.
• The stock has surged near its 52-week high, opening at $186.16, while the company remains unprofitable and recently reported a quarterly loss of $2.29 per share, wider than expected.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective increased by equities researchers at Needham & Company LLC from $235.00 to $236.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 26.77% from the company's previous close.

Several other research analysts have also recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $195.00 target price on shares of Revolution Medicines in a report on Monday, July 6th. Truist Financial boosted their price target on shares of Revolution Medicines from $179.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Mizuho upped their price objective on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, July 6th. Guggenheim raised their price objective on Revolution Medicines from $205.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Finally, Wedbush lifted their target price on Revolution Medicines from $165.00 to $181.00 and gave the stock an "outperform" rating in a research report on Thursday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $144.06.

Revolution Medicines Price Performance

RVMD stock opened at $186.16 on Monday. The business has a 50 day moving average price of $165.07 and a 200 day moving average price of $128.39. The stock has a market cap of $39.58 billion, a price-to-earnings ratio of -26.33 and a beta of 1.37. Revolution Medicines has a fifty-two week low of $34.00 and a fifty-two week high of $193.82. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the prior year, the firm posted ($1.13) EPS. Equities research analysts anticipate that Revolution Medicines will post -7.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Mark A. Goldsmith sold 10,020 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the transaction, the insider owned 267,330 shares of the company's stock, valued at $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total value of $4,739,552.00. Following the sale, the chief operating officer directly owned 154,647 shares of the company's stock, valued at approximately $24,762,077.64. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RVMD. Norges Bank purchased a new position in Revolution Medicines during the fourth quarter worth about $195,568,000. Avoro Capital Advisors LLC purchased a new stake in Revolution Medicines in the 4th quarter valued at approximately $172,840,000. UBS Group AG boosted its holdings in Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company's stock valued at $245,954,000 after purchasing an additional 1,998,972 shares in the last quarter. Polar Capital Holdings Plc increased its position in Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company's stock worth $160,398,000 after purchasing an additional 1,535,686 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its position in Revolution Medicines by 197.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company's stock worth $175,672,000 after purchasing an additional 1,463,155 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.

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