What is Wedbush's Estimate for RVMD FY2029 Earnings?

Key Points

• Wedbush Research has reduced its FY2029 earnings per share estimate for Revolution Medicines, now forecasting $1.23, down from $1.47, while maintaining an "Outperform" rating and a price target of $77.00.
• Revolution Medicines reported a quarterly EPS of ($1.31), which missed analysts' estimates of ($0.94) by ($0.37), demonstrating ongoing challenges in achieving profitability.
• Institutional investors hold a significant stake in Revolution Medicines, with 94.34% of the company's stock owned by institutional investors and hedge funds.

Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) - Equities researchers at Wedbush decreased their FY2029 EPS estimates for shares of Revolution Medicines in a research report issued to clients and investors on Thursday, September 11th. Wedbush analyst R. Driscoll now anticipates that the company will earn $1.23 per share for the year, down from their prior estimate of $1.47. Wedbush has a "Outperform" rating and a $77.00 price objective on the stock. The consensus estimate for Revolution Medicines' current full-year earnings is ($3.49) per share.

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

RVMD has been the subject of a number of other research reports. Piper Sandler began coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They set an "overweight" rating and a $75.00 price objective for the company. The Goldman Sachs Group increased their price target on shares of Revolution Medicines from $65.00 to $73.00 and gave the company a "buy" rating in a report on Friday, September 12th. Needham & Company LLC increased their price target on shares of Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, September 11th. Guggenheim reiterated a "buy" rating and issued a $80.00 price target on shares of Revolution Medicines in a report on Wednesday, June 25th. Finally, Lifesci Capital started coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an "outperform" rating and a $80.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of "Buy" and an average price target of $73.67.

Revolution Medicines Stock Performance

Revolution Medicines stock traded up $0.26 during trading hours on Friday, reaching $44.96. 899,723 shares of the stock were exchanged, compared to its average volume of 1,893,645. The stock has a market cap of $8.40 billion, a P/E ratio of -10.01 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. Revolution Medicines has a 52-week low of $29.17 and a 52-week high of $62.40. The firm's 50 day moving average is $38.30 and its 200 day moving average is $38.25.

Insider Transactions at Revolution Medicines

In related news, insider Stephen Michael Kelsey sold 25,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $45.97, for a total value of $1,149,250.00. Following the sale, the insider directly owned 289,414 shares of the company's stock, valued at approximately $13,304,361.58. This represents a 7.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jack Anders sold 5,238 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the sale, the chief financial officer directly owned 113,314 shares in the company, 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. Over the last three months, insiders sold 135,000 shares of company stock worth $5,958,236. 8.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. boosted its stake in shares of Revolution Medicines by 41.7% during the 2nd quarter. Osaic Holdings Inc. now owns 3,487 shares of the company's stock worth $128,000 after purchasing an additional 1,027 shares during the last quarter. Marex Group plc acquired a new stake in shares of Revolution Medicines during the 2nd quarter worth about $284,000. Hudson Bay Capital Management LP acquired a new stake in shares of Revolution Medicines during the 2nd quarter worth about $1,124,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Revolution Medicines by 14.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 34,766 shares of the company's stock worth $1,282,000 after purchasing an additional 4,386 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Revolution Medicines by 592.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 71,534 shares of the company's stock worth $2,632,000 after purchasing an additional 61,199 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

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.