Revolution Medicines (NASDAQ:RVMD) Given New $66.00 Price Target at Needham & Company LLC

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 - Get Free Report) had its price objective lifted by investment analysts at Needham & Company LLC from $56.00 to $66.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 63.16% from the stock's current price.

RVMD has been the topic of a number of other research reports. Truist Financial started coverage on shares of Revolution Medicines in a research note on Friday, September 5th. They set a "buy" rating and a $99.00 target price on the stock. Wells Fargo & Company started coverage on shares of Revolution Medicines in a research note on Friday, August 15th. They set an "overweight" rating and a $67.00 target price on the stock. Wedbush restated an "outperform" rating and set a $73.00 target price (up previously from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. Lifesci Capital started coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They set an "outperform" rating and a $80.00 price objective on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Fourteen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Revolution Medicines presently has an average rating of "Buy" and a consensus target price of $72.71.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $40.45 on Thursday. The firm's 50-day moving average price is $37.56 and its 200-day moving average price is $38.12. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. The company has a market cap of $7.56 billion, a PE ratio of -8.99 and a beta of 1.12. Revolution Medicines has a 52-week low of $29.17 and a 52-week high of $62.40.

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

Insider Buying and Selling at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the firm's 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 completion of the transaction, the chief financial officer directly owned 113,314 shares of the company's stock, valued at approximately $4,551,823.38. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RVMD. Wellington Management Group LLP boosted its stake in Revolution Medicines by 8.9% during the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock worth $416,821,000 after buying an additional 966,230 shares during the period. Nextech Invest Ltd. boosted its stake in Revolution Medicines by 20.7% during the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock worth $332,472,000 after buying an additional 1,304,347 shares during the period. BVF Inc. IL boosted its stake in Revolution Medicines by 19.2% during the first quarter. BVF Inc. IL now owns 4,982,384 shares of the company's stock worth $176,177,000 after buying an additional 801,205 shares during the period. Bellevue Group AG boosted its stake in Revolution Medicines by 4.7% during the second quarter. Bellevue Group AG now owns 4,579,300 shares of the company's stock worth $168,472,000 after buying an additional 205,000 shares during the period. Finally, Woodline Partners LP boosted its stake in Revolution Medicines by 13.2% during the fourth quarter. Woodline Partners LP now owns 3,885,713 shares of the company's stock worth $169,961,000 after buying an additional 452,000 shares during the period. 94.34% of the stock is owned by hedge funds and other 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.

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