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

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $59.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 87.90% from the stock’s previous close.

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

Revolution Medicines Price Performance

RVMD opened at $31.40 on Tuesday. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -8.75 and a beta of 1.37. The company’s 50 day simple moving average is $39.42 and its two-hundred day simple moving average is $45.15. Revolution Medicines has a 1-year low of $29.17 and a 1-year high of $62.40.

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

Insider Activity at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 1,864 shares of the firm’s stock in a transaction that occurred on 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 owns 115,006 shares of the company’s stock, valued at $4,489,834.24. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 11,738 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the sale, the insider now directly owns 441,564 shares in the company, valued at $17,238,658.56. This represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,660 shares of company stock worth $650,406. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 2,185,082 shares in the last quarter. Farallon Capital Management LLC raised its holdings in shares of Revolution Medicines by 17.1% in the 4th quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock valued at $579,498,000 after purchasing an additional 1,931,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Revolution Medicines by 54.5% during the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock worth $414,777,000 after purchasing an additional 3,346,755 shares during the last quarter. Baker BROS. Advisors LP grew its stake in shares of Revolution Medicines by 4.9% during the fourth quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock worth $347,163,000 after purchasing an additional 367,882 shares in the last quarter. Finally, Nextech Invest Ltd. increased its holdings in Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after buying an additional 1,304,347 shares during the last quarter. Hedge funds and other institutional investors 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.