Needham & Company LLC Reiterates "Buy" Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $57.00 target price on the stock. Needham & Company LLC's price objective would indicate a potential upside of 41.91% from the stock's previous close.

RVMD has been the topic of several other reports. Oppenheimer lifted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Guggenheim reduced their price objective on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Stifel Nicolaus lowered 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 note on Tuesday, April 1st. Finally, Wedbush reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Revolution Medicines in a research note on Thursday, May 8th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $67.08.

Revolution Medicines Stock Performance

Shares of RVMD stock traded up $0.13 during trading on Tuesday, hitting $40.17. The company had a trading volume of 2,178,700 shares, compared to its average volume of 1,651,731. Revolution Medicines has a one year low of $29.17 and a one year high of $62.40. The stock's 50-day moving average price is $39.47 and its 200 day moving average price is $40.14. The firm has a market capitalization of $7.48 billion, a P/E ratio of -10.03 and a beta of 1.10.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same period in the previous year, the company earned ($0.70) EPS. On average, research analysts anticipate that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in shares of Revolution Medicines by 2.1% during the first quarter. Principal Financial Group Inc. now owns 12,792 shares of the company's stock worth $452,000 after purchasing an additional 259 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Revolution Medicines by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 5,037 shares of the company's stock valued at $220,000 after purchasing an additional 270 shares during the last quarter. Russell Investments Group Ltd. increased its position in Revolution Medicines by 11.4% during the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock worth $186,000 after buying an additional 434 shares in the last quarter. Amalgamated Bank lifted its holdings in Revolution Medicines by 8.3% in the 4th quarter. Amalgamated Bank now owns 5,707 shares of the company's stock valued at $250,000 after purchasing an additional 435 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in Revolution Medicines by 5.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 11,398 shares of the company's stock worth $498,000 after acquiring an additional 545 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

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.

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