Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Wedbush Analyst Says

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 - Free Report) had its price target raised by Wedbush from $73.00 to $77.00 in a research note released on Thursday,Benzinga reports. They currently have an outperform rating on the stock. Wedbush also issued estimates for Revolution Medicines' FY2029 earnings at $1.23 EPS.

Other equities research analysts have also issued research reports about the stock. HC Wainwright restated a "buy" rating and issued a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Guggenheim restated a "buy" rating and set a $80.00 target price on shares of Revolution Medicines in a report on Wednesday, June 25th. Lifesci Capital assumed coverage on shares of Revolution Medicines in a report on Monday, August 18th. They set an "outperform" rating and a $80.00 target price for the company. Truist Financial started coverage on shares of 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, Wells Fargo & Company began coverage on shares of Revolution Medicines in a research report on Friday, August 15th. They issued an "overweight" rating and a $67.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $73.67.

Revolution Medicines Stock Down 1.0%

Revolution Medicines stock traded down $0.45 during trading on Thursday, reaching $45.75. 964,820 shares of the company's stock were exchanged, compared to its average volume of 1,888,292. The company's 50-day moving average is $38.13 and its two-hundred day moving average is $38.20. 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 has a 52-week low of $29.17 and a 52-week high of $62.40. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of -10.17 and a beta of 1.12.

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 for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). The firm's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.81) EPS. On average, analysts predict that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In related news, insider Stephen Michael Kelsey sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.08, for a total transaction of $4,408,000.00. Following the completion of the sale, the insider directly owned 289,414 shares of the company's stock, valued at $12,757,369.12. The trade was a 25.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jack Anders sold 5,238 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the sale, the chief financial officer directly owned 113,314 shares of the company's stock, valued at $4,551,823.38. The trade was a 4.42% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders 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

Hedge funds have recently bought and sold shares of the company. Deutsche Bank AG boosted its holdings in shares of Revolution Medicines by 57.8% in the 4th quarter. Deutsche Bank AG now owns 177,383 shares of the company's stock worth $7,759,000 after buying an additional 64,997 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $994,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Revolution Medicines by 13.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 102,127 shares of the company's stock valued at $4,463,000 after acquiring an additional 12,084 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Revolution Medicines by 3.1% in the fourth quarter. Nuveen Asset Management LLC now owns 473,728 shares of the company's stock worth $20,721,000 after purchasing an additional 14,391 shares in the last quarter. Finally, Nextech Invest Ltd. raised its holdings in Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock worth $332,472,000 after purchasing an additional 1,304,347 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Company Profile

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.