Revolution Medicines (NASDAQ:RVMD) Shares Gap Up on 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) gapped up prior to trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $65.00 to $73.00. The stock had previously closed at $40.45, but opened at $42.90. The Goldman Sachs Group currently has a buy rating on the stock. Revolution Medicines shares last traded at $46.15, with a volume of 500,832 shares trading hands.

Several other equities research analysts have also weighed in on the company. Lifesci Capital started coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an "outperform" rating and a $80.00 price objective on the stock. Truist Financial assumed coverage on Revolution Medicines in a research note on Friday, September 5th. They issued a "buy" rating and a $99.00 price target on the stock. Raymond James Financial started coverage on Revolution Medicines in a research note on Friday. They set a "strong-buy" rating and a $72.00 price objective for the company. Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They issued an "overweight" rating and a $75.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on shares of Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $73.67.

Insider Activity

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 25,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $45.97, for a total transaction of $1,149,250.00. Following the transaction, the insider directly owned 289,414 shares in the company, valued at approximately $13,304,361.58. This represents a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jack Anders sold 5,238 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer directly owned 113,314 shares in the company, valued at $4,551,823.38. This trade represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,000 shares of company stock valued at $5,958,236 over the last three months. Company insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. boosted its holdings in Revolution Medicines by 41.7% during the second quarter. Osaic Holdings Inc. now owns 3,487 shares of the company's stock worth $128,000 after buying an additional 1,027 shares during the last quarter. Marex Group plc acquired a new stake in Revolution Medicines in the second quarter worth $284,000. Hudson Bay Capital Management LP bought a new position in Revolution Medicines during the second quarter worth about $1,124,000. CANADA LIFE ASSURANCE Co grew its stake in Revolution Medicines by 14.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 34,766 shares of the company's stock valued at $1,282,000 after acquiring an additional 4,386 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Revolution Medicines by 592.2% in the second quarter. Tower Research Capital LLC TRC now owns 71,534 shares of the company's stock valued at $2,632,000 after acquiring an additional 61,199 shares during the period. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Down 1.0%

The company has a market capitalization of $8.55 billion, a P/E ratio of -10.17 and a beta of 1.12. 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 firm has a fifty day simple moving average of $38.13 and a 200-day simple moving average of $38.20.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.81) EPS. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.49 EPS 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.