Needham & Company LLC Reaffirms “Buy” Rating for Revolution Medicines (NASDAQ:RVMD)

Needham & Company LLC reissued their buy rating on shares of Revolution Medicines (NASDAQ:RVMD) in a report released on Monday, Benzinga reports. The firm currently has a $61.00 target price on the stock.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a buy rating and a $63.00 price objective for the company. HC Wainwright reaffirmed a buy rating and issued a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Wedbush reissued an outperform rating and set a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. JPMorgan Chase & Co. dropped their target price on Revolution Medicines from $55.00 to $54.00 and set an overweight rating for the company in a research report on Thursday, August 8th. Finally, Barclays increased their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an overweight rating in a research report on Friday, September 27th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $54.00.

Revolution Medicines Stock Up 0.0 %

NASDAQ:RVMD opened at $49.50 on Monday. Revolution Medicines has a 52 week low of $15.44 and a 52 week high of $50.00. The stock’s fifty day moving average is $43.88 and its two-hundred day moving average is $40.45. The company has a market capitalization of $8.27 billion, a P/E ratio of -13.20 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. The company’s revenue for the quarter was down 73.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.92) EPS. Sell-side analysts anticipate that Revolution Medicines will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the sale, the director now directly owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Barbara Weber sold 5,200 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the sale, the director now owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at $13,486,638.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,867 shares of company stock valued at $1,932,319. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in shares of Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares during the last quarter. Headlands Technologies LLC increased its position in Revolution Medicines by 140.9% during the first quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after buying an additional 885 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Revolution Medicines in the first quarter valued at approximately $104,000. EntryPoint Capital LLC acquired a new stake in shares of Revolution Medicines in the first quarter valued at approximately $107,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after acquiring an additional 320 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.