Revolution Medicines (NASDAQ:RVMD) Upgraded at Raymond James

Raymond James upgraded shares of Revolution Medicines (NASDAQ:RVMD) from an outperform rating to a strong-buy rating in a research report released on Wednesday, Marketbeat Ratings reports. They currently have $48.00 price target on the stock, up from their previous price target of $36.00.

Several other analysts have also issued reports on the company. Piper Sandler started coverage on Revolution Medicines in a research note on Monday, March 11th. They issued an overweight rating and a $43.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and issued a $46.00 target price (up previously from $36.00) on shares of Revolution Medicines in a research note on Monday, April 8th. 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 note on Friday, January 5th. Wedbush increased their price objective on Revolution Medicines from $41.00 to $42.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Finally, UBS Group initiated coverage on Revolution Medicines in a research note on Wednesday, December 20th. They set a buy rating and a $40.00 price objective for the company. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $41.20.

Revolution Medicines Stock Down 3.6 %

Shares of RVMD opened at $36.07 on Wednesday. The stock has a 50 day simple moving average of $31.13 and a two-hundred day simple moving average of $27.32. Revolution Medicines has a 1 year low of $15.44 and a 1 year high of $38.73.

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

Insider Transactions at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 7,500 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $35.48, for a total value of $266,100.00. Following the sale, the insider now directly owns 452,879 shares of the company’s stock, valued at $16,068,146.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Sushil Patel sold 2,155 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $37.00, for a total transaction of $79,735.00. Following the sale, the director now directly owns 15,700 shares of the company’s stock, valued at $580,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark A. Goldsmith sold 7,500 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $35.48, for a total value of $266,100.00. Following the sale, the insider now directly owns 452,879 shares in the company, valued at $16,068,146.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,205 shares of company stock valued at $671,249. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RVMD. MetLife Investment Management LLC boosted its position in Revolution Medicines by 58.5% in the first quarter. MetLife Investment Management LLC now owns 34,256 shares of the company’s stock worth $874,000 after purchasing an additional 12,643 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Revolution Medicines by 165.5% in the first quarter. Dimensional Fund Advisors LP now owns 478,776 shares of the company’s stock worth $12,214,000 after buying an additional 298,436 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Revolution Medicines by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 444,212 shares of the company’s stock worth $11,332,000 after buying an additional 13,134 shares during the period. Northern Trust Corp raised its stake in shares of Revolution Medicines by 12.3% in the first quarter. Northern Trust Corp now owns 629,849 shares of the company’s stock worth $16,067,000 after buying an additional 68,794 shares during the period. Finally, State Street Corp raised its stake in shares of Revolution Medicines by 3.2% in the first quarter. State Street Corp now owns 2,843,477 shares of the company’s stock worth $72,537,000 after buying an additional 88,844 shares during the period. 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.