Raymond James Financial Begins Coverage on Revolution Medicines (NASDAQ:RVMD)

Key Points

• Revolution Medicines' stock has received a "strong-buy" rating from Raymond James Financial, with a target price of $72.00, suggesting a potential upside of 55.71% from its previous close.
• The company has recorded a market capitalization of $8.64 billion and showed a significant yearly revenue increase, despite reporting a quarterly EPS loss that was greater than analysts' expectations.
• Insiders hold 8.20% of the company's stock, with recent transactions indicating a notable activity among the company's executives including the CFO selling shares.

Equities research analysts at Raymond James Financial began coverage on shares of Revolution Medicines (NASDAQ:RVMD - Get Free Report) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set a "strong-buy" rating and a $72.00 price target on the stock. Raymond James Financial's target price points to a potential upside of 55.71% from the stock's previous close.

Other analysts have also issued reports about the stock. The Goldman Sachs Group initiated coverage on shares of Revolution Medicines in a research report on Tuesday, July 15th. They set a "buy" rating and a $65.00 price target on the stock. Truist Financial initiated coverage on shares of Revolution Medicines in a report on Friday, September 5th. They issued a "buy" rating and a $99.00 price objective on the stock. Lifesci Capital initiated coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an "outperform" rating and a $80.00 price objective on the stock. Guggenheim reiterated a "buy" rating and issued a $80.00 price objective on shares of Revolution Medicines in a report on Wednesday, June 25th. Finally, Piper Sandler initiated coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an "overweight" rating and a $75.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $73.13.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $46.24 on Friday. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average price is $37.75 and its two-hundred day moving average price is $38.15. Revolution Medicines has a 1 year low of $29.17 and a 1 year high of $62.40. The firm has a market capitalization of $8.64 billion, a P/E ratio of -10.28 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted 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). During the same period in the previous year, the company earned ($0.81) EPS. Revolution Medicines's revenue for the quarter was up .0% compared to the same quarter last year. As a group, research analysts anticipate that Revolution Medicines will post -3.49 EPS for the current year.

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total value of $210,410.46. Following the transaction, the chief financial officer directly owned 113,314 shares in the company, valued at approximately $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in shares of Revolution Medicines by 8.9% in the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock valued at $416,821,000 after acquiring an additional 966,230 shares in the last quarter. Nextech Invest Ltd. grew its stake in shares of Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock valued at $332,472,000 after acquiring an additional 1,304,347 shares in the last quarter. BVF Inc. IL grew its stake in shares of Revolution Medicines by 19.2% in the first quarter. BVF Inc. IL now owns 4,982,384 shares of the company's stock valued at $176,177,000 after acquiring an additional 801,205 shares in the last quarter. Bellevue Group AG grew 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 in the last quarter. Finally, Woodline Partners LP grew 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 in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.