Revolution Medicines (NASDAQ:RVMD) Shares Gap Up Following Analyst Upgrade

Key Points

• Revolution Medicines shares surged by 15.5% after Wells Fargo raised its price target from $67.00 to $70.00, with the stock opening at $42.90 after closing at $40.45.
• Multiple research analysts have issued positive ratings for the stock, with the consensus target price being $73.21 and fourteen analysts rating it as a "Buy."
• CFO Jack Anders sold 5,238 shares at an average price of $40.17, decreasing his ownership by 4.42%, while insiders collectively hold 8.20% of the company's stock.

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) shares gapped up prior to trading on Thursday after Wells Fargo & Company raised their price target on the stock from $67.00 to $70.00. The stock had previously closed at $40.45, but opened at $42.90. Wells Fargo & Company currently has an overweight rating on the stock. Revolution Medicines shares last traded at $46.15, with a volume of 500,832 shares changing hands.

Other equities research analysts have also issued reports about the company. Needham & Company LLC raised their price objective on Revolution Medicines from $56.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday. Truist Financial began coverage on Revolution Medicines in a research report on Friday, September 5th. They issued a "buy" rating and a $99.00 target price for the company. Guggenheim reaffirmed a "buy" rating and issued a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 target price (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Finally, Wedbush raised their target price on Revolution Medicines from $73.00 to $77.00 and gave the stock an "outperform" rating in a research report on Thursday. Fourteen research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $73.21.

Insider Transactions at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of Revolution Medicines 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 completion of the sale, the chief financial officer 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors have recently made changes to their positions in the business. CWM LLC increased its stake in shares of 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 period. Banque Transatlantique SA bought a new position in Revolution Medicines during the first quarter valued at about $42,000. Quarry LP bought a new position in Revolution Medicines during the first quarter valued at about $50,000. Twin Tree Management LP bought a new position in Revolution Medicines during the first quarter valued at about $58,000. Finally, a16z Perennial Management L.P. bought a new position in Revolution Medicines during the second quarter valued at about $67,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Stock Up 15.5%

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 stock has a market capitalization of $8.73 billion, a P/E ratio of -10.34 and a beta of 1.12. The firm has a 50 day moving average of $37.56 and a 200-day moving average of $38.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued 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 quarter in the previous year, the company posted ($0.81) earnings per share. Revolution Medicines's quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

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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