Revolution Medicines (NASDAQ:RVMD) Reaches New 12-Month High – What’s Next?

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $156.25 and last traded at $155.2210, with a volume of 848835 shares traded. The stock had previously closed at $153.73.

Analysts Set New Price Targets

A number of research analysts have issued reports on RVMD shares. Sanford C. Bernstein assumed coverage on Revolution Medicines in a research report on Thursday. They set a “market perform” rating and a $151.00 price target for the company. Piper Sandler upped their price target on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Benchmark reissued an “overweight” rating on shares of Revolution Medicines in a research report on Tuesday, February 17th. UBS Group began coverage on Revolution Medicines in a research report on Friday, February 27th. They set a “buy” rating on the stock. Finally, Stifel Nicolaus reissued a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Revolution Medicines has an average rating of “Buy” and an average price target of $111.35.

Revolution Medicines Stock Up 0.4%

The stock’s 50 day simple moving average is $122.71 and its two-hundred day simple moving average is $100.85. The firm has a market cap of $32.83 billion, a P/E ratio of -21.84 and a beta of 1.41. 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 announced its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the prior year, the company earned ($1.13) EPS. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.75 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, COO Margaret A. Horn sold 4,583 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $455,916.84. Following the sale, the chief operating officer owned 157,570 shares in the company, valued at approximately $15,675,063.60. This trade represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stephen Michael Kelsey sold 4,302 shares of Revolution Medicines stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total transaction of $427,962.96. Following the transaction, the insider owned 295,398 shares in the company, valued at $29,386,193.04. This represents a 1.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 184,592 shares of company stock valued at $24,499,532 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds and other institutional investors have recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new position in Revolution Medicines in the 1st quarter valued at $6,736,000. Amundi increased its stake in Revolution Medicines by 590.5% in the 1st quarter. Amundi now owns 138,560 shares of the company’s stock valued at $13,475,000 after buying an additional 118,493 shares during the period. California State Teachers Retirement System increased its stake in Revolution Medicines by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 165,277 shares of the company’s stock valued at $16,073,000 after buying an additional 29,887 shares during the period. Readystate Asset Management LP acquired a new position in shares of Revolution Medicines during the 1st quarter worth $3,097,000. Finally, Eagle Health Investments LP grew its stake in shares of Revolution Medicines by 3.1% during the 1st quarter. Eagle Health Investments LP now owns 119,464 shares of the company’s stock worth $11,618,000 after purchasing an additional 3,564 shares during the period. 94.34% of the stock is currently owned by institutional investors and hedge funds.

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.