Revolution Medicines (NASDAQ:RVMD) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Revolution Medicines shares moved above their 50-day moving average, trading as high as $201.79 and last at $199.70, compared with a 50-day average of $198.21.
• The company reported a quarterly loss of $1.90 per share, narrower than analysts’ $2.35 estimate, and revenue of $197.56 million versus expectations of $25.58 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $242.90; 22 analysts rate the stock a Buy.

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $198.21 and traded as high as $201.79. Revolution Medicines shares last traded at $199.70, with a volume of 2,528,849 shares traded.

Analyst Ratings Changes

RVMD has been the subject of a number of research reports. Wolfe Research reiterated an "outperform" rating and set a $220.00 target price on shares of Revolution Medicines in a research note on Monday, August 10th. Stifel Nicolaus raised their price target on Revolution Medicines from $215.00 to $230.00 and gave the stock a "buy" rating in a research note on Wednesday, September 9th. Bank of America cut their price objective on Revolution Medicines from $265.00 to $264.00 and set a "buy" rating for the company in a report on Friday, October 9th. Evercore reaffirmed an "outperform" rating and issued a $320.00 price objective on shares of Revolution Medicines in a report on Thursday, August 27th. Finally, Oppenheimer upped their price objective 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 analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $242.90.

Revolution Medicines Stock Performance

The business's 50-day moving average price is $198.21 and its 200-day moving average price is $156.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The stock has a market cap of $42.80 billion, a P/E ratio of -22.64 and a beta of 1.44.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) EPS for the quarter, topping the consensus estimate of ($2.35) by $0.45. The company had revenue of $197.56 million during the quarter, compared to analysts' expectations of $25.58 million. During the same quarter last year, the company earned ($1.61) earnings per share. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -8.94 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alan Sandler sold 6,309 shares of Revolution Medicines stock in a transaction 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 transaction, the insider owned 52,559 shares in the company, valued at approximately $10,624,276.26. The trade was a 10.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jack Anders sold 4,053 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total transaction of $807,519.72. Following the completion of the transaction, the chief financial officer directly owned 119,216 shares of the company's stock, valued at $23,752,595.84. This represents a 3.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by insiders.

Institutional Trading of Revolution Medicines

Institutional investors have recently made changes to their positions in the business. Bluestem Financial Advisors LLC grew its holdings in Revolution Medicines by 4.8% during the 3rd quarter. Bluestem Financial Advisors LLC now owns 1,256 shares of the company's stock valued at $258,000 after purchasing an additional 58 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Revolution Medicines by 8.7% during the third quarter. IFP Advisors Inc now owns 810 shares of the company's stock valued at $166,000 after buying an additional 65 shares during the period. Brighton Jones LLC boosted its position in shares of Revolution Medicines by 2.9% during the third quarter. Brighton Jones LLC now owns 3,565 shares of the company's stock valued at $732,000 after buying an additional 99 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of Revolution Medicines by 37.0% during the third quarter. TD Waterhouse Canada Inc. now owns 370 shares of the company's stock valued at $76,000 after buying an additional 100 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its stake in shares of Revolution Medicines by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company's stock valued at $401,000 after buying an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company's research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.

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