Revolution Medicines (NASDAQ:RVMD) Earns Overweight Rating from Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has initiated coverage on Revolution Medicines (NASDAQ:RVMD) with an "overweight" rating and a price target of $67.00, suggesting an upside potential of 86.01% from its last close.
• The company recently reported a quarterly loss of ($1.31) EPS, missing estimates, while its revenue showed minimal growth year-over-year.
• Currently, the stock enjoys support from twelve analysts with a consensus "Buy" rating and an average target price of $68.67.

Wells Fargo & Company started coverage on shares of Revolution Medicines (NASDAQ:RVMD - Get Free Report) in a report released on Friday,Benzinga reports. The firm set an "overweight" rating and a $67.00 price target on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 86.01% from the stock's previous close.

Several other equities research analysts also recently issued reports on the stock. HC Wainwright reiterated 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. Wedbush reissued an "outperform" rating and issued a $73.00 price target (up from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. The Goldman Sachs Group began coverage on shares of Revolution Medicines in a report on Tuesday, July 15th. They issued a "buy" rating and a $65.00 price target on the stock. Guggenheim reissued a "buy" rating and issued a $80.00 price target on shares of Revolution Medicines in a report on Wednesday, June 25th. Finally, Oppenheimer increased their price target on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $68.67.

Revolution Medicines Trading Down 0.1%

Revolution Medicines stock opened at $36.02 on Friday. The firm has a 50-day moving average of $38.02 and a 200-day moving average of $38.62. Revolution Medicines has a one year low of $29.17 and a one year high of $62.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 11.79 and a quick ratio of 11.79. The company has a market cap of $6.73 billion, a price-to-earnings ratio of -8.00 and a beta of 1.16.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same period in the prior year, the business posted ($0.81) EPS. Revolution Medicines's quarterly revenue was up .0% on a year-over-year basis. On average, equities analysts expect that Revolution Medicines will post -3.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in Revolution Medicines by 2.1% in the first quarter. Principal Financial Group Inc. now owns 12,792 shares of the company's stock valued at $452,000 after buying an additional 259 shares during the period. Russell Investments Group Ltd. lifted its holdings in Revolution Medicines by 11.4% in the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock valued at $186,000 after buying an additional 434 shares during the period. California State Teachers Retirement System lifted its holdings in Revolution Medicines by 0.3% in the second quarter. California State Teachers Retirement System now owns 140,077 shares of the company's stock valued at $5,153,000 after buying an additional 437 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in Revolution Medicines by 5.0% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 11,398 shares of the company's stock valued at $498,000 after buying an additional 545 shares during the period. Finally, CWM LLC lifted its holdings in Revolution Medicines by 171.3% in the second quarter. CWM LLC now owns 917 shares of the company's stock valued at $34,000 after buying an additional 579 shares during the period. Institutional investors and hedge funds 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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