Revolution Medicines' (RVMD) Buy Rating Reaffirmed at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $57.00 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 54.43% from the stock's previous close.

Other analysts also recently issued research reports about the company. Wedbush restated an "outperform" rating and issued a $67.00 target price on shares of Revolution Medicines in a research note on Thursday, May 8th. Stifel Nicolaus reduced their price target on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Oppenheimer boosted their price objective on Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Guggenheim decreased their price target on shares of Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, Revolution Medicines currently has an average rating of "Buy" and an average target price of $67.58.

Revolution Medicines Stock Performance

RVMD traded down $0.57 during trading on Tuesday, hitting $36.91. 19,413,255 shares of the stock were exchanged, compared to its average volume of 1,685,370. The firm has a 50 day simple moving average of $39.61 and a 200 day simple moving average of $40.06. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of -9.23 and a beta of 1.10. Revolution Medicines has a 1 year low of $29.17 and a 1 year high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter in the previous year, the company posted ($0.70) earnings per share. As a group, equities analysts anticipate that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Institutional Trading of Revolution Medicines

Several institutional investors have recently added to or reduced their stakes in RVMD. CIBC Asset Management Inc boosted its position in shares of Revolution Medicines by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 5,037 shares of the company's stock worth $220,000 after buying an additional 270 shares during the period. New York State Common Retirement Fund lifted its stake in Revolution Medicines by 12.9% during the 4th quarter. New York State Common Retirement Fund now owns 63,601 shares of the company's stock worth $2,782,000 after acquiring an additional 7,244 shares in the last quarter. IFP Advisors Inc purchased a new position in Revolution Medicines during the 4th quarter valued at about $34,000. Bank of New York Mellon Corp boosted its holdings in Revolution Medicines by 6.9% during the 4th quarter. Bank of New York Mellon Corp now owns 569,015 shares of the company's stock valued at $24,889,000 after acquiring an additional 36,705 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of Revolution Medicines by 8.3% in the fourth quarter. Amalgamated Bank now owns 5,707 shares of the company's stock valued at $250,000 after purchasing an additional 435 shares during the period. Institutional investors and hedge funds own 94.34% of the company's stock.

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.