Wedbush Reiterates "Outperform" Rating for Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines (NASDAQ:RVMD - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Wedbush in a research report issued to clients and investors on Tuesday,RTT News reports. They currently have a $73.00 price target on the stock, up from their previous price target of $67.00. Wedbush's price target suggests a potential upside of 82.36% from the company's previous close.

Several other equities research analysts have also issued reports on RVMD. HC Wainwright reissued a "buy" rating and issued a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $57.00 target price on shares of Revolution Medicines in a report on Tuesday. Stifel Nicolaus lowered their target price on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Oppenheimer upped their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, Guggenheim lowered their target price on shares of Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $67.58.

Revolution Medicines Trading Down 0.0%

NASDAQ:RVMD traded down $0.01 during trading hours on Tuesday, hitting $40.03. 3,039,755 shares of the company traded hands, compared to its average volume of 1,550,077. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of -10.01 and a beta of 1.10. Revolution Medicines has a twelve month low of $29.17 and a twelve month high of $62.40. The firm has a 50-day moving average of $39.47 and a 200 day moving average of $40.14.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RVMD. Charles Schwab Investment Management Inc. raised its position in shares of Revolution Medicines by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,931,114 shares of the company's stock valued at $84,467,000 after acquiring an additional 167,997 shares during the period. Russell Investments Group Ltd. raised its position in shares of Revolution Medicines by 11.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock valued at $186,000 after acquiring an additional 434 shares during the period. SG Americas Securities LLC raised its position in shares of Revolution Medicines by 516.0% in the 1st quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock valued at $640,000 after acquiring an additional 15,164 shares during the period. Wells Fargo & Company MN raised its position in shares of Revolution Medicines by 51.8% in the 4th quarter. Wells Fargo & Company MN now owns 88,327 shares of the company's stock valued at $3,863,000 after acquiring an additional 30,155 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Revolution Medicines by 11.1% in the 4th quarter. American Century Companies Inc. now owns 641,646 shares of the company's stock valued at $28,066,000 after acquiring an additional 64,238 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.

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