Revolution Medicines (NASDAQ:RVMD) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

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 price objective boosted by research analysts at Wells Fargo & Company from $67.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 53.00% from the stock's current price.

A number of other brokerages have also issued reports on RVMD. Truist Financial started coverage on Revolution Medicines in a research note on Friday, September 5th. They issued a "buy" rating and a $99.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Piper Sandler started coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an "overweight" rating and a $75.00 price target on the stock. Guggenheim reaffirmed a "buy" rating and issued a $80.00 price target on shares of Revolution Medicines in a research note on Wednesday, June 25th. Finally, The Goldman Sachs Group started coverage on Revolution Medicines in a research note on Tuesday, July 15th. They issued a "buy" rating and a $65.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company's stock. According to MarketBeat, Revolution Medicines presently has a consensus rating of "Buy" and an average price target of $73.67.

Revolution Medicines Stock Down 1.0%

Shares of RVMD traded down $0.45 during midday trading on Thursday, reaching $45.75. 964,820 shares of the stock were exchanged, compared to its average volume of 1,888,292. Revolution Medicines has a 52 week low of $29.17 and a 52 week 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 company's 50 day moving average is $38.13 and its two-hundred day moving average is $38.20. The company has a market capitalization of $8.55 billion, a P/E ratio of -10.17 and a beta of 1.12.

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

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 5,238 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the transaction, the chief financial officer directly owned 113,314 shares of the company's stock, valued at approximately $4,551,823.38. This represents a 4.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Michael Kelsey sold 100,000 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.08, for a total value of $4,408,000.00. Following the sale, the insider owned 289,414 shares in the company, valued at approximately $12,757,369.12. This trade represents a 25.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,000 shares of company stock valued at $5,958,236 over the last three months. 8.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Revolution Medicines by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock worth $232,000 after purchasing an additional 615 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Revolution Medicines in the first quarter valued at about $502,000. SG Americas Securities LLC grew its holdings in shares of Revolution Medicines by 516.0% during the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock valued at $640,000 after purchasing an additional 15,164 shares during the last quarter. Granahan Investment Management LLC increased its holdings in shares of Revolution Medicines by 6.1% during the first quarter. Granahan Investment Management LLC now owns 126,752 shares of the company's stock valued at $4,482,000 after purchasing an additional 7,322 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Revolution Medicines by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109,004 shares of the company's stock valued at $3,870,000 after acquiring an additional 6,877 shares in the last quarter. Institutional investors and hedge funds 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.