Royal Bank Of Canada Increases Revolution Medicines (NASDAQ:RVMD) Price Target to $182.00

Key Points

• Royal Bank of Canada raised its price target on Revolution Medicines to $182 from $165 and kept an outperform rating, implying about 16% upside from the current price.
• Despite the bullish analyst sentiment, RVMD fell 0.6% to $156.54 in trading, near its 52-week high of $166.50. The stock has surged well above its 50-day and 200-day moving averages.
• Revolution Medicines reported a Q1 EPS loss of $2.29, worse than analysts expected, while insiders have sold shares recently and institutional ownership remains high at 94.34%.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its price objective lifted by equities researchers at Royal Bank Of Canada from $165.00 to $182.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 16.26% from the company's current price.

Other analysts have also issued research reports about the company. UBS Group initiated coverage on Revolution Medicines in a research note on Friday, February 27th. They issued a "buy" rating for the company. Evercore reissued an "outperform" rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Oppenheimer upped their price objective on shares of Revolution Medicines from $165.00 to $195.00 and gave the stock an "outperform" rating in a report on Monday. Guggenheim raised their target price on shares of Revolution Medicines to $205.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, HC Wainwright boosted their price target on shares of Revolution Medicines from $169.00 to $195.00 and gave the company a "buy" rating in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $123.72.

Revolution Medicines Trading Down 0.6%

RVMD stock traded down $0.94 during midday trading on Tuesday, hitting $156.54. The company had a trading volume of 6,685,692 shares, compared to its average volume of 2,436,484. The stock has a market cap of $33.28 billion, a price-to-earnings ratio of -22.57 and a beta of 1.41. Revolution Medicines has a 52 week low of $34.00 and a 52 week high of $166.50. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. The stock's 50 day moving average price is $130.74 and its 200 day moving average price is $105.50.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.83) by ($0.46). During the same quarter in the prior year, the firm posted ($1.13) earnings per share. As a group, equities research analysts expect that Revolution Medicines will post -7.75 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Xiaolin Wang sold 2,010 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total value of $199,954.80. Following the sale, the insider directly owned 116,063 shares of the company's stock, valued at $11,545,947.24. The trade was a 1.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jack Anders sold 2,753 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $273,868.44. Following the transaction, the chief financial officer directly owned 125,512 shares of the company's stock, valued at approximately $12,485,933.76. This trade represents a 2.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 148,592 shares of company stock worth $20,855,132. Company insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after buying an additional 1,056,792 shares in the last quarter. Farallon Capital Management LLC boosted its holdings in shares of Revolution Medicines by 2.1% during the 3rd quarter. Farallon Capital Management LLC now owns 14,625,692 shares of the company's stock valued at $683,020,000 after acquiring an additional 300,000 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Revolution Medicines by 8.3% during the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company's stock valued at $980,036,000 after acquiring an additional 947,448 shares during the last quarter. Baker BROS. Advisors LP grew its stake in shares of Revolution Medicines by 1.0% in the third quarter. Baker BROS. Advisors LP now owns 9,455,357 shares of the company's stock worth $441,565,000 after acquiring an additional 90,385 shares during the period. Finally, Nextech Invest Ltd. raised its holdings in shares of Revolution Medicines by 20.7% during the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock valued at $332,472,000 after purchasing an additional 1,304,347 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.

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