Revolution Medicines’ (RVMD) Buy Rating Reaffirmed at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Monday, Marketbeat.com reports. They presently have a $46.00 target price on the stock, up from their previous target price of $36.00. Needham & Company LLC’s price objective indicates a potential upside of 22.96% from the stock’s previous close.

Other research analysts have also issued reports about the company. Raymond James upped their price target on Revolution Medicines from $30.00 to $36.00 and gave the company an “outperform” rating in a research report on Tuesday, January 16th. Bank of America raised Revolution Medicines from a “neutral” rating to a “buy” rating and upped their target price for the stock from $31.00 to $34.00 in a research report on Friday, January 5th. UBS Group started coverage on Revolution Medicines in a report on Wednesday, December 20th. They set a “buy” rating and a $40.00 price objective on the stock. Piper Sandler started coverage on Revolution Medicines in a research note on Monday, March 11th. They set an “overweight” rating and a $43.00 target price for the company. Finally, Wedbush increased their target price on Revolution Medicines from $41.00 to $42.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Revolution Medicines presently has an average rating of “Buy” and an average price target of $40.00.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $37.41 on Monday. Revolution Medicines has a 12-month low of $15.44 and a 12-month high of $38.73. The business has a 50 day simple moving average of $30.98 and a 200 day simple moving average of $27.27.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Monday, February 26th. The company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.29). The firm had revenue of $0.74 million during the quarter, compared to the consensus estimate of $1.20 million. During the same quarter in the previous year, the company earned ($0.63) earnings per share. The business’s quarterly revenue was down 95.2% on a year-over-year basis. On average, equities research analysts predict that Revolution Medicines will post -3.17 EPS for the current year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, General Counsel Jeff Cislini sold 1,500 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $27.00, for a total value of $40,500.00. Following the sale, the general counsel now owns 36,126 shares of the company’s stock, valued at approximately $975,402. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Margaret A. Horn sold 2,914 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.58, for a total value of $92,024.12. Following the transaction, the chief operating officer now owns 139,553 shares in the company, valued at approximately $4,407,083.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Jeff Cislini sold 1,500 shares of Revolution Medicines stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $27.00, for a total transaction of $40,500.00. Following the completion of the sale, the general counsel now directly owns 36,126 shares in the company, valued at approximately $975,402. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,550 shares of company stock worth $325,414. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new stake in Revolution Medicines during the second quarter valued at about $39,000. US Bancorp DE grew its holdings in shares of Revolution Medicines by 68.1% during the second quarter. US Bancorp DE now owns 1,575 shares of the company’s stock valued at $42,000 after buying an additional 638 shares during the last quarter. Shell Asset Management Co. purchased a new stake in Revolution Medicines in the fourth quarter worth approximately $54,000. KBC Group NV bought a new position in Revolution Medicines in the fourth quarter worth approximately $65,000. Finally, Tower Research Capital LLC TRC raised its position in Revolution Medicines by 76.5% in the first quarter. Tower Research Capital LLC TRC now owns 3,418 shares of the company’s stock worth $74,000 after acquiring an additional 1,481 shares during the period. 94.34% of the stock is currently owned by hedge funds and other 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.