Needham & Company LLC Boosts Revolution Medicines (NASDAQ:RVMD) Price Target to $235.00

Revolution Medicines (NASDAQ:RVMD) had its price target hoisted by equities researchers at Needham & Company LLC from $183.00 to $235.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 29.06% from the company’s previous close.

Several other brokerages have also recently weighed in on RVMD. Truist Financial assumed coverage on Revolution Medicines in a research report on Monday, May 18th. They set a “buy” rating and a $179.00 price target on the stock. Stifel Nicolaus restated a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Guggenheim boosted their price objective on shares of Revolution Medicines to $205.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a report on Monday, March 16th. They set a “buy” rating on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a report on Tuesday, April 21st. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $132.78.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $182.08 on Monday. The firm has a market capitalization of $38.71 billion, a P/E ratio of -25.75 and a beta of 1.40. Revolution Medicines has a one year low of $34.00 and a one year high of $184.39. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The business has a fifty day moving average price of $151.78 and a 200-day moving average price of $116.94.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter in the prior year, the company posted ($1.13) earnings per share. As a group, equities research analysts forecast that Revolution Medicines will post -7.94 EPS for the current year.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,020 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the sale, the insider owned 267,330 shares in the company, valued at approximately $41,735,559.60. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a 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, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider directly owned 291,876 shares of the company’s stock, valued at $45,567,681.12. This represents a 1.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 246,917 shares of company stock valued at $38,432,302. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Indiana Trust & Investment Management Co purchased a new stake in Revolution Medicines during the fourth quarter valued at about $32,000. Global Retirement Partners LLC boosted 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 in the last quarter. Torren Management LLC bought a new position in shares of Revolution Medicines during the 4th quarter valued at about $33,000. Arax Advisory Partners bought a new position in shares of Revolution Medicines during the 4th quarter valued at about $38,000. Finally, Darwin Wealth Management LLC purchased a new position in shares of Revolution Medicines during the 4th quarter valued at about $40,000. 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.