Revolution Medicines (NASDAQ:RVMD) Given New $275.00 Price Target at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD) had its target price upped by equities research analysts at Needham & Company LLC from $240.00 to $275.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 32.29% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Mizuho upped their target price on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. Wolfe Research reiterated an “outperform” rating and issued a $220.00 target price on shares of Revolution Medicines in a report on Monday, August 10th. Piper Sandler raised their price target on shares of Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Oppenheimer boosted their price target on shares of Revolution Medicines from $230.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $200.74.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $207.88 on Monday. The company has a market cap of $44.56 billion, a PE ratio of -23.57 and a beta of 1.39. Revolution Medicines has a 52 week low of $37.56 and a 52 week high of $224.31. The business has a 50 day moving average price of $193.33 and a 200-day moving average price of $148.95. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the prior year, the company posted ($1.31) earnings per share. Equities analysts anticipate that Revolution Medicines will post -8.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Mark A. Goldsmith sold 80,000 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the completion of the sale, the insider directly owned 267,330 shares of the company’s stock, valued at $55,925,436. This trade represents a 23.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Margaret A. Horn sold 29,600 shares of Revolution Medicines stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $160.12, for a total value of $4,739,552.00. Following the sale, the chief operating officer owned 154,647 shares in the company, valued at $24,762,077.64. The trade was a 16.07% 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. Over the last quarter, insiders sold 212,497 shares of company stock worth $38,206,486. 7.60% of the stock is owned by insiders.

Institutional Trading of Revolution Medicines

Several hedge funds have recently added to or reduced their stakes in the stock. Contravisory Investment Management Inc. bought a new position in shares of Revolution Medicines during the 2nd quarter valued at approximately $32,000. Global Retirement Partners LLC raised its holdings in shares of Revolution Medicines by 1,002.8% in the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock worth $32,000 after purchasing an additional 361 shares during the period. Johnson Financial Group Inc. purchased a new position in Revolution Medicines in the second quarter valued at approximately $37,000. Arax Advisory Partners purchased a new position in Revolution Medicines in the fourth quarter valued at approximately $38,000. Finally, Silvant Capital Management LLC bought a new position in Revolution Medicines during the second quarter valued at $41,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

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.