Revolution Medicines' (RVMD) Buy Rating Reaffirmed at Guggenheim

Revolution Medicines (NASDAQ:RVMD - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Guggenheim in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $80.00 target price on the stock. Guggenheim's target price points to a potential upside of 116.74% from the stock's previous close.

Several other brokerages have also issued reports on RVMD. HC Wainwright restated a "buy" rating and set a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Wedbush restated an "outperform" rating and set a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research report on Tuesday. Stifel Nicolaus cut their target price on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Needham & Company LLC restated a "buy" rating and set a $57.00 target price on shares of Revolution Medicines in a research report on Tuesday. Finally, Oppenheimer boosted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, Revolution Medicines currently has an average rating of "Buy" and an average price target of $67.58.

Revolution Medicines Stock Performance

Shares of RVMD stock traded down $0.57 during trading hours on Wednesday, reaching $36.91. The company had a trading volume of 26,349,235 shares, compared to its average volume of 1,665,067. The business has a fifty day moving average price of $39.61 and a 200-day moving average price of $39.99. Revolution Medicines has a one year low of $29.17 and a one year high of $62.40. The firm has a market cap of $6.88 billion, a PE ratio of -9.23 and a beta of 1.10.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same period in the previous year, the company posted ($0.70) EPS. Equities research analysts forecast that Revolution Medicines will post -3.49 EPS for the current year.

Hedge Funds Weigh In On Revolution Medicines

A number of hedge funds have recently modified their holdings of RVMD. CIBC Asset Management Inc boosted its position in shares of Revolution Medicines by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 5,037 shares of the company's stock worth $220,000 after purchasing an additional 270 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Revolution Medicines by 12.9% in the fourth quarter. New York State Common Retirement Fund now owns 63,601 shares of the company's stock worth $2,782,000 after buying an additional 7,244 shares in the last quarter. IFP Advisors Inc purchased a new position in shares of Revolution Medicines in the fourth quarter worth $34,000. Bank of New York Mellon Corp lifted its holdings in shares of Revolution Medicines by 6.9% in the fourth quarter. Bank of New York Mellon Corp now owns 569,015 shares of the company's stock worth $24,889,000 after buying an additional 36,705 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Revolution Medicines by 8.3% in the fourth quarter. Amalgamated Bank now owns 5,707 shares of the company's stock worth $250,000 after buying an additional 435 shares in the last quarter. 94.34% of the stock is currently owned by 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.