Revolution Medicines (NASDAQ:RVMD) Reaches New 12-Month High – Time to Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price reached a new 52-week high on Monday . The stock traded as high as $194.56 and last traded at $192.51, with a volume of 127605 shares changing hands. The stock had previously closed at $189.23.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RVMD shares. HC Wainwright reissued a “buy” rating and issued a $195.00 target price on shares of Revolution Medicines in a research report on Monday, July 6th. Piper Sandler lifted their price target on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Wedbush upped their price target on Revolution Medicines from $181.00 to $192.10 and gave the stock an “outperform” rating in a research note on Thursday. Sanford C. Bernstein started coverage on Revolution Medicines in a research note on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Stock Down 0.3%

The stock’s 50 day simple moving average is $168.87 and its two-hundred day simple moving average is $132.11. The firm has a market cap of $40.11 billion, a P/E ratio of -26.66 and a beta of 1.37. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the previous year, the firm posted ($1.13) EPS. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.91 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the sale, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. The trade was a 1.41% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the completion of the sale, the chief operating officer directly owned 158,222 shares in the company, valued at approximately $25,342,417.74. This represents a 27.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 132,497 shares of company stock worth $21,470,486 over the last quarter. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Revolution Medicines in the fourth quarter worth about $195,568,000. Avoro Capital Advisors LLC purchased a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $172,840,000. UBS Group AG grew its holdings in shares of Revolution Medicines by 183.6% during the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock valued at $245,954,000 after buying an additional 1,998,972 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after acquiring an additional 1,535,686 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Revolution Medicines by 197.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after acquiring an additional 1,463,155 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.