Revolution Medicines (NASDAQ:RVMD) Earns Buy Rating from Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $59.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 87.90% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus lowered their price objective on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. UBS Group upped their price target on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright lifted their price objective on Revolution Medicines from $72.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Finally, Wedbush restated an “outperform” rating and set a $67.00 target price on shares of Revolution Medicines in a research note on Thursday, February 27th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Revolution Medicines has an average rating of “Buy” and a consensus price target of $65.23.

Revolution Medicines Trading Up 0.3 %

RVMD opened at $31.40 on Tuesday. The company has a market cap of $5.84 billion, a price-to-earnings ratio of -8.75 and a beta of 1.37. The stock has a fifty day simple moving average of $39.42 and a two-hundred day simple moving average of $45.15. Revolution Medicines has a 12-month low of $29.17 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.11). On average, analysts predict that Revolution Medicines will post -3.49 EPS for the current year.

Insider Activity

In other news, insider Mark A. Goldsmith sold 11,738 shares of Revolution Medicines stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total transaction of $458,251.52. Following the completion of the sale, the insider now directly owns 441,564 shares in the company, valued at approximately $17,238,658.56. The trade was a 2.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jack Anders sold 1,864 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the transaction, the chief financial officer now directly owns 115,006 shares in the company, valued at $4,489,834.24. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,660 shares of company stock worth $650,406. 8.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors have recently made changes to their positions in the company. Boxer Capital Management LLC acquired a new stake in Revolution Medicines in the 4th quarter valued at $187,184,000. Janus Henderson Group PLC lifted its holdings in Revolution Medicines by 54.5% during the fourth quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock valued at $414,777,000 after purchasing an additional 3,346,755 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Revolution Medicines by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company’s stock valued at $747,799,000 after purchasing an additional 2,185,082 shares during the period. Farallon Capital Management LLC increased its stake in shares of Revolution Medicines by 17.1% during the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock worth $579,498,000 after purchasing an additional 1,931,000 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Revolution Medicines during the 3rd quarter worth about $83,082,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.