Revolution Medicines (NASDAQ:RVMD) Sets New 52-Week High – Time to Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD) reached a new 52-week high during trading on Tuesday . The company traded as high as $56.85 and last traded at $56.83, with a volume of 504765 shares changing hands. The stock had previously closed at $55.87.

Analyst Upgrades and Downgrades

A number of research firms have commented on RVMD. JPMorgan Chase & Co. dropped their price objective on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Jefferies Financial Group began coverage on Revolution Medicines in a report on Monday, July 8th. They set a “buy” rating and a $63.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Oppenheimer raised their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $61.00 price target on shares of Revolution Medicines in a research report on Thursday, October 24th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $56.75.

Revolution Medicines Price Performance

The business has a 50 day simple moving average of $46.26 and a 200 day simple moving average of $42.62.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $0.81 million. The firm’s revenue for the quarter was down 73.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.92) EPS. As a group, equities research analysts forecast that Revolution Medicines, Inc. will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, insider Mark A. Goldsmith sold 30,000 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at $15,116,561.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of Revolution Medicines stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the sale, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark A. Goldsmith sold 30,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.36, for a total value of $1,510,800.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at $15,116,561.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock worth $6,355,624 in the last 90 days. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently made changes to their positions in RVMD. GAMMA Investing LLC raised its stake in Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after buying an additional 222 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Revolution Medicines by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 320 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Revolution Medicines by 7.4% during the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock worth $205,000 after buying an additional 365 shares during the period. Headlands Technologies LLC grew its holdings in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after purchasing an additional 885 shares in the last quarter. Finally, Clear Harbor Asset Management LLC raised its stake in Revolution Medicines by 10.2% in the second quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock valued at $436,000 after purchasing an additional 1,036 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.