Revolution Medicines (NASDAQ:RVMD) Given New $59.00 Price Target at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its price objective reduced by Needham & Company LLC from $60.00 to $59.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on RVMD. Piper Sandler boosted their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Guggenheim boosted their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. HC Wainwright boosted their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price objective on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Finally, Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a report on Monday, December 2nd. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $66.23.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $39.08 on Thursday. Revolution Medicines has a 1 year low of $29.00 and a 1 year high of $62.40. The firm has a market cap of $6.57 billion, a PE ratio of -10.89 and a beta of 1.45. The company has a 50 day simple moving average of $42.21 and a two-hundred day simple moving average of $46.19.

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

Insider Activity at Revolution Medicines

In related news, Director Thilo Schroeder acquired 1,304,347 shares of Revolution Medicines stock in a transaction on Thursday, December 5th. The shares were acquired at an average cost of $46.00 per share, with a total value of $59,999,962.00. Following the transaction, the director now owns 2,096,612 shares in the company, valued at $96,444,152. This trade represents a 164.64 % increase in their ownership of the stock. 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 11,714 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $45.40, for a total transaction of $531,815.60. Following the transaction, the insider now directly owns 325,056 shares in the company, valued at approximately $14,757,542.40. The trade was a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,678 shares of company stock worth $847,981 in the last three months. 8.00% of the stock is owned by insiders.

Institutional Trading of Revolution Medicines

Hedge funds and other institutional investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Revolution Medicines in the 3rd quarter worth about $801,000. Citigroup Inc. grew its position in shares of Revolution Medicines by 29.5% in the 3rd quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock worth $5,348,000 after buying an additional 26,871 shares during the period. State Street Corp grew its position in shares of Revolution Medicines by 4.1% in the 3rd quarter. State Street Corp now owns 5,279,584 shares of the company’s stock worth $239,429,000 after buying an additional 208,516 shares during the period. Barclays PLC grew its position in shares of Revolution Medicines by 187.1% in the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock worth $13,362,000 after buying an additional 192,021 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Revolution Medicines by 58.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after buying an additional 653,433 shares during the period. 94.34% of the stock is 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.