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

Key Points

• Needham & Company LLC has lowered the price target for Revolution Medicines (NASDAQ:RVMD) from $57.00 to $56.00, while maintaining a "buy" rating, indicating a potential upside of 52.71% from the current stock price.
• Revolution Medicines has recently missed earnings expectations, reporting an EPS of ($1.31) for the quarter, which was significantly below the consensus estimate of ($0.94).
• Despite the recent price target adjustments, Revolution Medicines maintains a strong market presence, with a consensus rating of "Buy" and an average target price of $68.82 across eleven analysts.

Revolution Medicines (NASDAQ:RVMD - Free Report) had its price objective reduced by Needham & Company LLC from $57.00 to $56.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group began coverage on shares of Revolution Medicines in a report on Tuesday, July 15th. They set a "buy" rating and a $65.00 price target for the company. Guggenheim reiterated a "buy" rating and set a $80.00 price target on shares of Revolution Medicines in a report on Wednesday, June 25th. HC Wainwright restated a "buy" rating and issued a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Wedbush restated an "outperform" rating and issued a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. Finally, Oppenheimer boosted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Revolution Medicines has a consensus rating of "Buy" and an average price target of $68.82.

Revolution Medicines Trading Up 0.1%

Shares of NASDAQ RVMD traded up $0.05 during midday trading on Thursday, reaching $35.00. 3,790,283 shares of the stock were exchanged, compared to its average volume of 1,570,847. The company has a market capitalization of $6.54 billion, a P/E ratio of -7.78 and a beta of 1.16. Revolution Medicines has a 52-week low of $29.17 and a 52-week high of $62.40. The company has a current ratio of 11.79, a quick ratio of 13.46 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $38.42 and a 200-day moving average price of $38.77.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm posted ($0.81) EPS. Equities research analysts expect that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC lifted its position in Revolution Medicines by 171.3% during the second quarter. CWM LLC now owns 917 shares of the company's stock valued at $34,000 after buying an additional 579 shares in the last quarter. Banque Transatlantique SA acquired a new position in Revolution Medicines during the first quarter valued at approximately $42,000. Quarry LP acquired a new position in Revolution Medicines during the first quarter valued at approximately $50,000. Twin Tree Management LP acquired a new position in shares of Revolution Medicines during the first quarter worth $58,000. Finally, a16z Perennial Management L.P. acquired a new position in shares of Revolution Medicines during the second quarter worth $67,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Company Profile

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.