Needham & Company LLC Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $240.00

Key Points

• Needham raised Revolution Medicines’ price target to $240 from $236 and maintained a “Buy” rating, implying 21.64% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $144.89, although ratings range from “Strong Buy” to “Sell.”
• Shares opened at $197.30 after rising 2.0%, but the company reported a quarterly loss of $3.06 per share, missing estimates by $1.02; insiders have also sold $21.5 million of stock over the past 90 days.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective hoisted by Needham & Company LLC from $236.00 to $240.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 21.64% from the company's previous close.

Several other brokerages have also recently issued reports on RVMD. Royal Bank Of Canada increased their target price on shares of Revolution Medicines from $165.00 to $182.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Truist Financial increased their price objective on shares of Revolution Medicines from $179.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Piper Sandler boosted their price objective on shares of Revolution Medicines to $172.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Finally, Sanford C. Bernstein initiated coverage on Revolution Medicines in a report on Thursday, May 21st. They issued a "market perform" rating and a $151.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $144.89.

Revolution Medicines Stock Up 2.0%

Shares of NASDAQ:RVMD opened at $197.30 on Thursday. The business's 50 day moving average is $174.85 and its 200 day moving average is $136.44. The stock has a market cap of $41.95 billion, a P/E ratio of -27.91 and a beta of 1.39. Revolution Medicines has a 52-week low of $34.00 and a 52-week high of $198.30. 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 posted its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.04) by ($1.02). During the same period last year, the company earned ($1.31) earnings per share. Sell-side analysts predict that Revolution Medicines will post -7.92 EPS for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,020 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $1,564,322.40. Following the completion of the sale, the insider directly owned 267,330 shares in the company, valued at approximately $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 can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the sale, the chief operating officer owned 158,222 shares in the company, valued at $25,342,417.74. The trade was a 27.63% decrease in their position. 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. Insiders sold a total of 132,497 shares of company stock worth $21,470,486 over the last ninety days. Corporate insiders own 7.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RVMD. Meeder Advisory Services Inc. raised its stake in shares of Revolution Medicines by 3.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company's stock valued at $401,000 after acquiring an additional 120 shares during the period. PNC Financial Services Group Inc. raised its position in Revolution Medicines by 1.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company's stock valued at $802,000 after purchasing an additional 125 shares during the period. Deutsche Bank AG boosted its position in shares of Revolution Medicines by 0.4% during the fourth quarter. Deutsche Bank AG now owns 32,217 shares of the company's stock worth $2,566,000 after buying an additional 130 shares during the period. Signaturefd LLC grew its stake in shares of Revolution Medicines by 33.1% in the fourth quarter. Signaturefd LLC now owns 656 shares of the company's stock valued at $52,000 after buying an additional 163 shares in the last quarter. Finally, Contravisory Investment Management Inc. purchased a new stake in shares of Revolution Medicines in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 94.34% of the company's stock.

About Revolution Medicines

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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