Bank of America Raises Revolution Medicines (NASDAQ:RVMD) Price Target to $265.00

Revolution Medicines (NASDAQ:RVMD) had its target price boosted by equities researchers at Bank of America from $225.00 to $265.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 37.94% from the stock’s previous close.

Several other brokerages also recently commented on RVMD. UBS Group increased their price objective on shares of Revolution Medicines from $220.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Wedbush boosted their target price on shares of Revolution Medicines from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Needham & Company LLC upped their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Wolfe Research reiterated an “outperform” rating and issued a $220.00 price target on shares of Revolution Medicines in a research note on Monday, August 10th. Finally, Morgan Stanley began coverage on Revolution Medicines in a report on Thursday, September 10th. They set an “overweight” rating and a $255.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $228.21.

Revolution Medicines Price Performance

Revolution Medicines stock traded up $1.17 during midday trading on Monday, reaching $192.12. The company’s stock had a trading volume of 970,179 shares, compared to its average volume of 2,919,006. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The stock has a market cap of $41.18 billion, a PE ratio of -21.80 and a beta of 1.40. Revolution Medicines has a 52 week low of $42.18 and a 52 week high of $224.31. The business has a 50-day moving average price of $199.57 and a 200-day moving average price of $159.97.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same period in the previous year, the company earned ($1.31) EPS. On average, sell-side analysts predict that Revolution Medicines will post -8.87 EPS for the current year.

Insiders Place Their Bets

In other Revolution Medicines news, CFO Jack Anders sold 4,053 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the sale, the chief financial officer owned 119,216 shares in the company, valued at approximately $23,752,595.84. The trade was a 3.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Kelsey sold 5,569 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $1,109,567.56. Following the completion of the sale, the insider directly owned 286,307 shares of the company’s stock, valued at approximately $57,043,806.68. The trade was a 1.91% decrease in their position. 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 sold a total of 300,119 shares of company stock valued at $60,605,043 over the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Revolution Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RVMD. Alphabet Inc. acquired a new position in shares of Revolution Medicines in the 2nd quarter valued at about $551,843,000. Norges Bank bought a new stake in shares of Revolution Medicines during the 4th quarter valued at about $195,568,000. Avoro Capital Advisors LLC acquired a new stake in Revolution Medicines during the fourth quarter worth approximately $172,840,000. Polar Capital Holdings Plc grew its stake in Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock worth $160,398,000 after purchasing an additional 1,535,686 shares during the period. Finally, Bank of America Corp DE bought a new stake in Revolution Medicines in the second quarter worth approximately $184,267,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.