Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $77.00

Key Points

• Revolution Medicines' target price has been raised by Wedbush from $73.00 to $77.00, suggesting a potential upside of 90.36% from its current price.
• The company has received multiple "buy" ratings from various analysts, resulting in a consensus rating of "Buy" and an average target price of $73.21.
• Revolution Medicines reported a quarterly loss of ($1.31) earnings per share, falling short of analysts' expectations of ($0.94), despite a year-over-year revenue increase.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its target price lifted by equities researchers at Wedbush from $73.00 to $77.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's target price indicates a potential upside of 90.36% from the company's current price.

Other equities analysts have also issued reports about the stock. Needham & Company LLC lifted their target price on shares of Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a report on Thursday. The Goldman Sachs Group started coverage on Revolution Medicines in a research note on Tuesday, July 15th. They set a "buy" rating and a $65.00 price objective for the company. Wells Fargo & Company began coverage on Revolution Medicines in a research note on Friday, August 15th. They issued an "overweight" rating and a $67.00 target price on the stock. Truist Financial initiated coverage on Revolution Medicines in a research report on Friday, September 5th. They issued a "buy" rating and a $99.00 price target for the company. Finally, Guggenheim reiterated a "buy" rating and issued a $80.00 price target on shares of Revolution Medicines in a research note on Wednesday, June 25th. Fourteen research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $73.21.

Revolution Medicines Price Performance

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

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

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the sale, the chief financial officer directly owned 113,314 shares of the company's stock, valued at $4,551,823.38. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors have recently modified their holdings of the business. CWM LLC boosted its position in Revolution Medicines by 171.3% in the second quarter. CWM LLC now owns 917 shares of the company's stock worth $34,000 after purchasing an additional 579 shares during the last quarter. Banque Transatlantique SA purchased a new position in Revolution Medicines in the first quarter worth about $42,000. Quarry LP purchased a new position in Revolution Medicines in the first quarter worth about $50,000. Twin Tree Management LP purchased a new position in Revolution Medicines in the first quarter worth about $58,000. Finally, a16z Perennial Management L.P. purchased a new position in Revolution Medicines in the second quarter worth about $67,000. 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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