HC Wainwright Lowers Revolution Medicines (NASDAQ:RVMD) Price Target to $28.00

Revolution Medicines (NASDAQ:RVMD) had its price target reduced by HC Wainwright from $32.00 to $28.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Revolution Medicines’ Q4 2023 earnings at ($0.77) EPS, FY2023 earnings at ($3.40) EPS, Q1 2024 earnings at ($0.71) EPS, Q2 2024 earnings at ($0.75) EPS, Q3 2024 earnings at ($0.80) EPS, Q4 2024 earnings at ($0.84) EPS and FY2024 earnings at ($3.10) EPS.

Other analysts have also recently issued research reports about the stock. Oppenheimer boosted their price target on shares of Revolution Medicines from $40.00 to $43.00 and gave the stock an outperform rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. decreased their price target on shares of Revolution Medicines from $47.00 to $39.00 and set an overweight rating on the stock in a research note on Tuesday, November 7th. Stifel Nicolaus boosted their price target on shares of Revolution Medicines from $37.00 to $47.00 and gave the stock a buy rating in a research note on Thursday, September 21st. Finally, Needham & Company LLC reiterated a buy rating and issued a $36.00 price target on shares of Revolution Medicines in a research note on Tuesday, November 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Revolution Medicines currently has a consensus rating of Moderate Buy and an average price target of $35.50.

Revolution Medicines Stock Performance

RVMD opened at $21.25 on Monday. Revolution Medicines has a fifty-two week low of $15.44 and a fifty-two week high of $35.60. The firm’s fifty day moving average is $25.74 and its 200 day moving average is $26.89. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -6.52 and a beta of 1.47.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Monday, November 6th. The company reported ($0.99) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.01) by $0.02. Revolution Medicines had a negative net margin of 1,003.36% and a negative return on equity of 38.92%. During the same quarter in the previous year, the business posted ($0.87) EPS. On average, equities research analysts predict that Revolution Medicines will post -3.55 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In related news, COO Margaret A. Horn sold 25,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $33.95, for a total transaction of $848,750.00. Following the transaction, the chief operating officer now directly owns 96,960 shares in the company, valued at approximately $3,291,792. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Mark A. Goldsmith sold 30,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $35.05, for a total transaction of $1,051,500.00. Following the transaction, the insider now directly owns 357,386 shares in the company, valued at approximately $12,526,379.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 25,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $33.95, for a total transaction of $848,750.00. Following the transaction, the chief operating officer now owns 96,960 shares in the company, valued at $3,291,792. The disclosure for this sale can be found here. Insiders have sold a total of 130,882 shares of company stock worth $4,394,678 in the last three months. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in Revolution Medicines by 13.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 155,536 shares of the company’s stock worth $4,305,000 after acquiring an additional 18,204 shares in the last quarter. Royal Bank of Canada grew its stake in Revolution Medicines by 75.4% in the 3rd quarter. Royal Bank of Canada now owns 14,899 shares of the company’s stock worth $413,000 after acquiring an additional 6,404 shares in the last quarter. Rock Springs Capital Management LP grew its stake in Revolution Medicines by 3.2% in the 3rd quarter. Rock Springs Capital Management LP now owns 725,152 shares of the company’s stock worth $20,072,000 after acquiring an additional 22,440 shares in the last quarter. Sectoral Asset Management Inc. bought a new position in Revolution Medicines in the 3rd quarter worth about $3,949,000. Finally, Seven Eight Capital LP grew its stake in Revolution Medicines by 375.6% in the 3rd quarter. Seven Eight Capital LP now owns 44,247 shares of the company’s stock worth $1,225,000 after acquiring an additional 34,944 shares in the last quarter.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic tumors.