Revolution Medicines (NASDAQ:RVMD) Shares Climb 3.4% Following Analyst Upgrade

Key Points

• Revolution Medicines shares rose 3.4% after RBC raised its price target from $259 to $260 and maintained an “outperform” rating. The stock reached $197 and last traded near $194.83.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $234.81; 21 analysts rate the stock a Buy, while one rates it a Sell.
• Insiders sold 290,991 shares worth approximately $59.4 million over the past quarter, while institutional investors own 94.34% of the company. The clinical-stage biotech recently missed quarterly EPS estimates, reporting a loss of $3.06 per share versus the expected $2.04 loss.

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) shot up 3.4% on Wednesday after Royal Bank Of Canada raised their price target on the stock from $259.00 to $260.00. Royal Bank Of Canada currently has an outperform rating on the stock. Revolution Medicines traded as high as $197.00 and last traded at $194.8310. 693,485 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,855,677 shares. The stock had previously closed at $188.44.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Wolfe Research reaffirmed an "outperform" rating and issued a $220.00 price objective on shares of Revolution Medicines in a report on Monday, August 10th. Wedbush lifted their price objective on Revolution Medicines from $201.00 to $225.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. TD Cowen reiterated a "buy" rating on shares of Revolution Medicines in a research report on Thursday, October 8th. Finally, Oppenheimer upped their target price on Revolution Medicines from $230.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $234.81.

Insider Transactions at Revolution Medicines

In related news, insider Alan B. Sandler sold 6,309 shares of the stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $202.14, for a total transaction of $1,275,301.26. Following the sale, the insider owned 52,559 shares in the company, valued at approximately $10,624,276.26. This trade represents a 10.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark A. Goldsmith sold 80,000 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the sale, the insider owned 267,330 shares in the company, valued at $55,925,436. This represents a 23.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 290,991 shares of company stock worth $59,422,765. Corporate insiders own 7.60% of the company's stock.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Equitable Holdings Inc. bought a new position in Revolution Medicines in the second quarter valued at about $963,000. State of Wyoming bought a new stake in shares of Revolution Medicines during the second quarter worth about $1,769,000. Handelsbanken Fonder AB grew its holdings in shares of Revolution Medicines by 243.6% during the second quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company's stock worth $39,755,000 after purchasing an additional 150,500 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Revolution Medicines during the second quarter worth about $112,566,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Revolution Medicines in the second quarter valued at approximately $37,547,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Price Performance

The company has a 50 day moving average price of $204.01 and a 200-day moving average price of $172.00. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The company has a market cap of $41.76 billion, a price-to-earnings ratio of -22.06 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data 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 quarter last year, the company posted ($1.31) EPS. As a group, equities research analysts predict that Revolution Medicines, Inc. will post -8.98 EPS for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company's research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.