Piper Sandler Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its price objective raised by Piper Sandler from $57.00 to $70.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $56.00 target price on shares of Revolution Medicines in a research report on Monday, August 12th. Bank of America increased their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. dropped their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. 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. Finally, Guggenheim boosted their target price on shares of Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $61.00.

Revolution Medicines Trading Up 2.3 %

Shares of RVMD stock traded up $1.34 during trading hours on Thursday, hitting $60.44. 1,807,586 shares of the company were exchanged, compared to its average volume of 1,337,746. Revolution Medicines has a 1 year low of $18.79 and a 1 year high of $61.06. The firm has a fifty day moving average of $46.86 and a 200 day moving average of $42.89.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period last year, the firm posted ($0.99) EPS. As a group, equities analysts forecast that Revolution Medicines will post -3.37 EPS for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the sale, the insider now owns 264,408 shares in the company, valued at $13,085,551.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the sale, the insider now owns 264,408 shares in the company, valued at $13,085,551.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the business’s 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 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 disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 over the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Revolution Medicines by 0.8% during the first quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock worth $475,622,000 after acquiring an additional 122,721 shares during the last quarter. Farallon Capital Management LLC lifted its holdings in Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the period. Baker BROS. Advisors LP lifted its holdings in Revolution Medicines by 46.6% in the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after purchasing an additional 2,400,592 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Revolution Medicines by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock worth $155,166,000 after purchasing an additional 177,957 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in Revolution Medicines by 77.9% in the first quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock worth $126,067,000 after purchasing an additional 1,712,639 shares during the period. Institutional investors 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.