Revolution Medicines (NASDAQ:RVMD) Price Target Raised to $73.00

Key Points

• Goldman Sachs raised its price target for Revolution Medicines (NASDAQ:RVMD) from $65.00 to $73.00, indicating a potential upside of 58.01% from the previous close.
• Revolution Medicines has received several upgrades from analysts, with estimates ranging from $66.00 to $80.00, and the company holds a consensus rating of "Buy".
• As of the latest trading, RVMD shares are priced at $46.20, showing a 0.1% decrease, and the company has a market cap of $8.64 billion.

Revolution Medicines (NASDAQ:RVMD - Free Report) had its price objective raised by The Goldman Sachs Group from $65.00 to $73.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the company. Guggenheim reiterated a "buy" rating and set a $80.00 price objective on shares of Revolution Medicines in a research note on Wednesday, June 25th. Wedbush boosted their price objective on Revolution Medicines from $73.00 to $77.00 and gave the company an "outperform" rating in a research report on Thursday, September 11th. Needham & Company LLC raised their price objective on Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, September 11th. Wells Fargo & Company lifted their price objective on Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Finally, Lifesci Capital began coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an "outperform" rating and a $80.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $73.67.

Revolution Medicines Stock Down 2.0%

Shares of RVMD traded down $0.89 during mid-day trading on Friday, reaching $43.81. The company had a trading volume of 2,472,549 shares, compared to its average volume of 1,902,798. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of -9.74 and a beta of 1.12. The firm has a 50-day moving average price of $38.30 and a 200 day moving average price of $38.25. Revolution Medicines has a 52 week low of $29.17 and a 52 week high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same period in the prior year, the firm posted ($0.81) EPS. Revolution Medicines's revenue was up .0% on a year-over-year basis. On average, sell-side analysts forecast that Revolution Medicines will post -3.49 EPS for the current year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 25,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $45.97, for a total transaction of $1,149,250.00. Following the transaction, the insider owned 289,414 shares of the company's stock, valued at approximately $13,304,361.58. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jack Anders sold 5,238 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the sale, the chief financial officer owned 113,314 shares of the company's stock, valued at approximately $4,551,823.38. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 135,000 shares of company stock worth $5,958,236. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RVMD. Deutsche Bank AG increased its holdings in Revolution Medicines by 57.8% during the 4th quarter. Deutsche Bank AG now owns 177,383 shares of the company's stock worth $7,759,000 after purchasing an additional 64,997 shares during the period. Jefferies Financial Group Inc. acquired a new position in Revolution Medicines in the fourth quarter valued at $994,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Revolution Medicines by 13.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 102,127 shares of the company's stock valued at $4,463,000 after acquiring an additional 12,084 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Revolution Medicines by 3.1% in the 4th quarter. Nuveen Asset Management LLC now owns 473,728 shares of the company's stock valued at $20,721,000 after purchasing an additional 14,391 shares during the last quarter. Finally, Nextech Invest Ltd. increased its holdings in shares of Revolution Medicines by 20.7% in 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 period. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Company Profile

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.