Revolution Medicines (NASDAQ:RVMD) Stock Price Up 5.2% - Here's Why

Key Points

• Revolution Medicines' stock price increased by 5.2% to $39.94 during trading, with a notable decline in trading volume compared to its average.
• Several analysts have set bullish price targets for the company, with a consensus target price of $69.92 and multiple firms issuing "buy" or "outperform" ratings.
• The company reported a quarterly loss of ($1.31) EPS, missing the consensus estimate, while its annual revenue expected decline is projected at -3.49 EPS for the current year.

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) were up 5.2% on Tuesday . The company traded as high as $40.00 and last traded at $39.94. Approximately 507,010 shares changed hands during trading, a decline of 73% from the average daily volume of 1,860,690 shares. The stock had previously closed at $37.97.

Wall Street Analysts Forecast Growth

RVMD has been the subject of a number of recent research reports. HC Wainwright reiterated a "buy" rating and set a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. The Goldman Sachs Group initiated coverage on Revolution Medicines in a research report on Tuesday, July 15th. They issued a "buy" rating and a $65.00 target price on the stock. Oppenheimer upped their price objective on Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Needham & Company LLC reduced their price target on Revolution Medicines from $57.00 to $56.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Finally, Piper Sandler started coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an "overweight" rating and a $75.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $72.00.

Revolution Medicines Stock Up 3.2%

The firm has a market capitalization of $7.51 billion, a PE ratio of -8.92 and a beta of 1.12. The business has a 50-day moving average price of $37.26 and a 200-day moving average price of $38.15. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). During the same period last year, the firm posted ($0.81) earnings per share. The firm's quarterly revenue was up .0% on a year-over-year basis. Equities research analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 5,238 shares of the business's stock in a transaction that occurred 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 transaction, the chief financial officer owned 113,314 shares in the company, valued at approximately $4,551,823.38. The trade was a 4.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently made changes to their positions in RVMD. Janus Henderson Group PLC grew its stake in shares of Revolution Medicines by 54.5% during the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company's stock worth $414,777,000 after purchasing an additional 3,346,755 shares during the period. Lunate Capital Ltd acquired a new stake in shares of Revolution Medicines in the 1st quarter worth approximately $77,658,000. Farallon Capital Management LLC grew its holdings in shares of Revolution Medicines by 17.1% in the 4th quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company's stock worth $579,498,000 after acquiring an additional 1,931,000 shares during the period. Norges Bank acquired a new stake in shares of Revolution Medicines in the 2nd quarter worth approximately $62,584,000. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in shares of Revolution Medicines in the 1st quarter worth approximately $59,173,000. 94.34% of the stock is 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.