Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Needham & Company LLC has raised its price target for Revolution Medicines (NASDAQ:RVMD) from $56.00 to $66.00, suggesting a potential upside of 63.16% from the current stock price and maintaining a "buy" rating.
• Revolution Medicines has received positive ratings from various analysts, with a consensus target price of $72.71 and a majority rating it as a "buy."
• Despite an increase in analyst ratings, Revolution Medicines reported a loss of ($1.31) per share in their last quarterly earnings, which was below analysts' expectations.

Revolution Medicines (NASDAQ:RVMD - Free Report) had its price objective raised by Needham & Company LLC from $56.00 to $66.00 in a research note released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on RVMD. HC Wainwright reiterated a "buy" rating and set a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Lifesci Capital began coverage on Revolution Medicines in a research report on Monday, August 18th. They set an "outperform" rating and a $80.00 price target on the stock. Piper Sandler began coverage on Revolution Medicines in a research report on Monday, August 18th. They set an "overweight" rating and a $75.00 price target on the stock. Truist Financial began coverage on Revolution Medicines in a research report on Friday, September 5th. They set a "buy" rating and a $99.00 price target on the stock. Finally, Wedbush reiterated an "outperform" rating and set a $73.00 price target (up from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $73.67.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD traded down $0.51 during mid-day trading on Thursday, hitting $45.70. The company had a trading volume of 964,820 shares, compared to its average volume of 1,888,292. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of -10.17 and a beta of 1.12. Revolution Medicines has a 12 month low of $29.17 and a 12 month 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 firm's 50 day simple moving average is $38.13 and its two-hundred day simple moving average is $38.20.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.37). The business's revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the company earned ($0.81) earnings per share. As a group, equities research analysts forecast that Revolution Medicines will post -3.49 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Stephen Michael Kelsey sold 25,000 shares of Revolution Medicines stock in a transaction on Monday, September 15th. The stock was sold at an average price of $45.97, for a total transaction of $1,149,250.00. Following the completion of the sale, the insider owned 289,414 shares of the company's stock, valued at approximately $13,304,361.58. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jack Anders sold 5,238 shares of Revolution Medicines stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total value of $210,410.46. Following the sale, the chief financial officer directly owned 113,314 shares of the company's stock, valued at approximately $4,551,823.38. The trade was a 4.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,000 shares of company stock valued at $5,958,236. Insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. raised its holdings in Revolution Medicines by 41.7% during the second quarter. Osaic Holdings Inc. now owns 3,487 shares of the company's stock valued at $128,000 after buying an additional 1,027 shares in the last quarter. Marex Group plc bought a new position in Revolution Medicines during the second quarter valued at about $284,000. Hudson Bay Capital Management LP bought a new position in Revolution Medicines during the second quarter valued at about $1,124,000. CANADA LIFE ASSURANCE Co raised its holdings in Revolution Medicines by 14.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 34,766 shares of the company's stock valued at $1,282,000 after buying an additional 4,386 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Revolution Medicines by 592.2% during the second quarter. Tower Research Capital LLC TRC now owns 71,534 shares of the company's stock valued at $2,632,000 after buying an additional 61,199 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

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.