Wells Fargo & Company Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Key Points

• Wells Fargo & Company raised its target price for Revolution Medicines (NASDAQ:RVMD) from $67.00 to $70.00, indicating a potential upside of 73.05% from the current price.
• The company is rated as a "Buy" by fourteen research analysts, with an average price target of $73.21.
• Revolution Medicines recently posted a quarterly earnings report showing earnings per share of (1.31), missing estimates by (0.37) cents.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $67.00 to $70.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 73.05% from the company's current price.

RVMD has been the subject of several other reports. Lifesci Capital initiated coverage on Revolution Medicines in a report on Monday, August 18th. They issued an "outperform" rating and a $80.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Piper Sandler assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They issued an "overweight" rating and a $75.00 price objective for the company. Wedbush upped their target price on Revolution Medicines from $73.00 to $77.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Truist Financial assumed coverage on Revolution Medicines in a report on Friday, September 5th. They issued a "buy" rating and a $99.00 price target for the company. Fourteen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Revolution Medicines has a consensus rating of "Buy" and an average price target of $73.21.

Revolution Medicines Price Performance

RVMD opened at $40.45 on Thursday. The stock's 50-day moving average price is $37.56 and its 200 day moving average price is $38.12. Revolution Medicines has a 12-month low of $29.17 and a 12-month high of $62.40. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of -8.99 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same quarter in the prior year, the business earned ($0.81) earnings per share. The company's quarterly revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts expect that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, 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 transaction, the chief financial officer directly owned 113,314 shares in the company, valued at $4,551,823.38. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors have recently made changes to their positions in the business. CWM LLC increased its stake in Revolution Medicines by 171.3% during the second quarter. CWM LLC now owns 917 shares of the company's stock valued at $34,000 after acquiring an additional 579 shares during the period. Banque Transatlantique SA acquired a new position in shares of Revolution Medicines in the 1st quarter worth approximately $42,000. Quarry LP acquired a new position in shares of Revolution Medicines in the 1st quarter worth approximately $50,000. Twin Tree Management LP acquired a new position in Revolution Medicines during the 1st quarter worth $58,000. Finally, a16z Perennial Management L.P. acquired a new position in Revolution Medicines during the 2nd quarter worth $67,000. 94.34% of the stock is currently owned by institutional investors.

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.

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