JPMorgan Chase & Co. Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $71.00

Revolution Medicines (NASDAQ:RVMD) had its target price increased by JPMorgan Chase & Co. from $63.00 to $71.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the stock. HC Wainwright lifted their price target on shares of Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Piper Sandler lifted their target price 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. Needham & Company LLC restated a “buy” rating and set a $68.00 price target on shares of Revolution Medicines in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a research report on Monday. Finally, Guggenheim boosted their price objective on Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $63.00.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $48.23 on Tuesday. Revolution Medicines has a 52-week low of $23.38 and a 52-week high of $62.40. The stock has a 50-day simple moving average of $52.15 and a 200-day simple moving average of $45.50. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -13.43 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter last year, the business earned ($0.99) earnings per share. As a group, equities research analysts predict that Revolution Medicines will post -3.51 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This trade represents a 5.93 % 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, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction dated Tuesday, October 8th. The shares were 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 in the company, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,866 shares of company stock worth $6,355,624. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farallon Capital Management LLC lifted its position in shares of Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Revolution Medicines by 32.3% during the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock valued at $278,280,000 after acquiring an additional 1,497,026 shares during the period. Logos Global Management LP acquired a new stake in shares of Revolution Medicines in the 2nd quarter valued at $46,572,000. Hood River Capital Management LLC bought a new stake in shares of Revolution Medicines in the 2nd quarter worth about $35,472,000. Finally, Charles Schwab Investment Management Inc. grew its holdings 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 purchasing an additional 653,433 shares during the last quarter. 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.