Piper Sandler Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Key Points

• Piper Sandler raised its price target on Revolution Medicines to $172 and kept an overweight rating, implying roughly an 18% upside from the prior close.
• The stock carries a market consensus Buy rating (4 Strong Buy, 16 Buy, 1 Sell), though the consensus price target is notably lower at $92.
• Revolution missed quarterly EPS at −$2.29 versus an estimate of −$1.83, and insiders have sold about 184,592 shares (~$24.5M) in the last 90 days.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price target lifted by equities research analysts at Piper Sandler from $120.00 to $172.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price points to a potential upside of 17.96% from the company's previous close.

A number of other research firms also recently issued reports on RVMD. Evercore reaffirmed an "outperform" rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Jefferies Financial Group started coverage on shares of Revolution Medicines in a report on Monday, March 16th. They issued a "buy" rating on the stock. Truist Financial upgraded shares of Revolution Medicines to a "strong-buy" rating in a research report on Monday, April 27th. Guggenheim reiterated a "buy" rating and issued a $205.00 price target on shares of Revolution Medicines in a research report on Thursday. Finally, HC Wainwright reissued a "buy" rating on shares of Revolution Medicines in a research note on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $92.00.

Revolution Medicines Price Performance

NASDAQ RVMD traded down $5.26 during trading on Thursday, hitting $145.81. 151,632 shares of the stock traded hands, compared to its average volume of 3,479,278. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.16. Revolution Medicines has a 12-month low of $34.00 and a 12-month high of $155.70. The firm has a 50-day simple moving average of $112.65 and a 200-day simple moving average of $93.81. The company has a market capitalization of $31.00 billion, a P/E ratio of -24.79 and a beta of 1.41.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period last year, the firm earned ($1.13) earnings per share. As a group, analysts predict that Revolution Medicines will post -7.42 EPS for the current year.

Insider Transactions at Revolution Medicines

In related news, insider Xiaolin Wang sold 2,010 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $199,954.80. Following the sale, the insider directly owned 116,063 shares of the company's stock, valued at $11,545,947.24. This represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jack Anders sold 2,753 shares of the firm's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total transaction of $273,868.44. Following the completion of the sale, the chief financial officer directly owned 125,512 shares of the company's stock, valued at approximately $12,485,933.76. The trade was a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 184,592 shares of company stock worth $24,499,532. 8.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently modified their holdings of the business. Nextech Invest Ltd. boosted its holdings in Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock valued at $332,472,000 after acquiring an additional 1,304,347 shares during the period. Millennium Management LLC increased its stake in Revolution Medicines by 681.8% in the first quarter. Millennium Management LLC now owns 156,353 shares of the company's stock worth $5,529,000 after purchasing an additional 136,353 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Revolution Medicines by 14.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company's stock worth $10,615,000 after purchasing an additional 37,345 shares during the last quarter. Invesco Ltd. lifted its position in shares of Revolution Medicines by 19.3% during the second quarter. Invesco Ltd. now owns 227,019 shares of the company's stock worth $8,352,000 after purchasing an additional 36,760 shares during the last quarter. Finally, Jump Financial LLC boosted its stake in shares of Revolution Medicines by 87.9% during the second quarter. Jump Financial LLC now owns 15,258 shares of the company's stock valued at $561,000 after purchasing an additional 7,137 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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