Wedbush Increases Revolution Medicines (NASDAQ:RVMD) Price Target to $181.00

Key Points

• Wedbush raised its price target on Revolution Medicines to $181 from $165 and kept an outperform rating, though that target still implies a small downside from the prior close.
• Other analysts remain broadly positive: Needham lifted its target to $235, while several firms also reiterated or initiated bullish ratings; overall, the stock has a Buy consensus with an average target of $135.39.
• Revolution Medicines reported a larger-than-expected quarterly loss of ($2.29) per share, and recent insider sales by executives added another point of attention for investors.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its target price raised by investment analysts at Wedbush from $165.00 to $181.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective indicates a potential downside of 2.49% from the company's previous close.

A number of other analysts also recently commented on the company. Needham & Company LLC boosted their price objective on Revolution Medicines from $183.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday. Sanford C. Bernstein assumed coverage on Revolution Medicines in a research note on Thursday, May 21st. They set a "market perform" rating and a $151.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a report on Tuesday, April 21st. Oppenheimer upped their price target on Revolution Medicines from $165.00 to $195.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Finally, Royal Bank Of Canada boosted their price objective on Revolution Medicines from $165.00 to $182.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $135.39.

Revolution Medicines Price Performance

Shares of RVMD stock traded down $1.89 during midday trading on Thursday, reaching $185.62. 1,046,786 shares of the company were exchanged, compared to its average volume of 3,370,202. Revolution Medicines has a 12 month low of $34.00 and a 12 month high of $193.10. The company has a market cap of $39.46 billion, a P/E ratio of -26.23 and a beta of 1.37. The company's 50 day moving average price is $154.24 and its two-hundred day moving average price is $119.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts' consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the business earned ($1.13) EPS. On average, sell-side analysts expect that Revolution Medicines will post -7.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of Revolution Medicines stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total value of $4,739,552.00. Following the transaction, the chief operating officer owned 154,647 shares in the company, valued at $24,762,077.64. This represents a 16.07% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 252,497 shares of company stock valued at $39,481,286 over the last quarter. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently made changes to their positions in RVMD. Global Retirement Partners LLC grew its position in Revolution Medicines by 1,002.8% during the fourth quarter. Global Retirement Partners LLC now owns 397 shares of the company's stock valued at $32,000 after purchasing an additional 361 shares in the last quarter. Indiana Trust & Investment Management Co acquired a new stake in shares of Revolution Medicines during the 4th quarter valued at $32,000. Torren Management LLC acquired a new stake in shares of Revolution Medicines during the 4th quarter valued at $33,000. Arax Advisory Partners purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $38,000. Finally, Darwin Wealth Management LLC purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $40,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Revolution Medicines Company Profile

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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