Revolution Medicines (NASDAQ:RVMD) Sets New 52-Week High – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $64.26 and last traded at $64.08, with a volume of 2032594 shares changing hands. The stock had previously closed at $62.73.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RVMD shares. Royal Bank Of Canada initiated coverage on shares of Revolution Medicines in a research report on Monday, November 3rd. They set an “outperform” rating and a $77.00 price target for the company. Piper Sandler began coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an “overweight” rating and a $75.00 price objective on the stock. Mizuho assumed coverage on Revolution Medicines in a research note on Tuesday, October 21st. They set an “outperform” rating and a $90.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a report on Wednesday, October 8th. Finally, HC Wainwright lifted their price objective on Revolution Medicines from $72.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $78.71.

Revolution Medicines Trading Up 4.9%

The company has a debt-to-equity ratio of 0.16, a quick ratio of 8.05 and a current ratio of 8.05. The stock has a market capitalization of $13.05 billion, a P/E ratio of -13.08 and a beta of 1.25. The business has a 50 day simple moving average of $50.64 and a 200-day simple moving average of $42.71.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 5th. The company reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22). During the same period last year, the company posted ($0.94) EPS. On average, analysts predict that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

Insider Activity

In other news, COO Margaret A. Horn sold 4,775 shares of the company’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $45.82, for a total value of $218,790.50. Following the completion of the sale, the chief operating officer directly owned 145,900 shares of the company’s stock, valued at $6,685,138. This represents a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen Michael Kelsey sold 100,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.08, for a total value of $4,408,000.00. Following the transaction, the insider owned 289,414 shares of the company’s stock, valued at approximately $12,757,369.12. This trade represents a 25.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 218,033 shares of company stock valued at $10,265,508. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of Revolution Medicines by 2.1% in the first quarter. Principal Financial Group Inc. now owns 12,792 shares of the company’s stock valued at $452,000 after purchasing an additional 259 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Revolution Medicines by 45.1% during the third quarter. GAMMA Investing LLC now owns 837 shares of the company’s stock valued at $39,000 after acquiring an additional 260 shares during the last quarter. California State Teachers Retirement System increased its stake in Revolution Medicines by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 140,077 shares of the company’s stock valued at $5,153,000 after purchasing an additional 437 shares in the last quarter. CWM LLC boosted its stake in Revolution Medicines by 171.3% during the 2nd quarter. CWM LLC now owns 917 shares of the company’s stock valued at $34,000 after purchasing an additional 579 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Revolution Medicines by 1.6% during the 3rd quarter. Arizona State Retirement System now owns 41,299 shares of the company’s stock valued at $1,929,000 after acquiring an additional 646 shares in the last quarter. 94.34% of the stock is owned by 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.