TD Cowen Issues Positive Forecast for Revolution Medicines (NASDAQ:RVMD) Stock Price

Revolution Medicines (NASDAQ:RVMD) had its price target hoisted by TD Cowen from $250.00 to $270.00 in a research note released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on RVMD. HC Wainwright lifted their price target on shares of Revolution Medicines from $195.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. UBS Group increased their price objective on shares of Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Brookline Capital Markets started coverage on shares of Revolution Medicines in a research report on Monday, September 28th. They issued a “buy” rating and a $318.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of Revolution Medicines in a research note on Thursday, September 24th. They issued a “buy” rating and a $267.00 price objective for the company. Finally, Evercore restated an “outperform” rating and set a $320.00 target price on shares of Revolution Medicines in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $259.65.

Revolution Medicines Price Performance

Shares of RVMD opened at $177.65 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The business has a fifty day moving average of $197.46 and a 200 day moving average of $157.18. Revolution Medicines has a 52-week low of $58.91 and a 52-week high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.35) by $0.45. The firm had revenue of $197.56 million for the quarter, compared to the consensus estimate of $25.58 million. During the same quarter last year, the firm earned ($1.61) EPS. On average, research analysts predict that Revolution Medicines will post -8.94 EPS for the current fiscal year.

Insider Activity

In related news, CFO Jack Anders sold 4,053 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the transaction, the chief financial officer owned 119,216 shares of the company’s stock, valued at $23,752,595.84. This represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 4,967 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the completion of the transaction, the chief operating officer directly owned 149,680 shares in the company, valued at approximately $29,822,243.20. This trade represents a 3.21% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 290,991 shares of company stock valued at $59,422,765. Insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently made changes to their positions in the company. Burkett Financial Services LLC purchased a new position in shares of Revolution Medicines during the third quarter valued at $27,000. Contravisory Investment Management Inc. bought a new stake in shares of Revolution Medicines in the second quarter valued at about $32,000. Johnson Financial Group Inc. bought a new stake in shares of Revolution Medicines in the second quarter valued at about $37,000. Silvant Capital Management LLC purchased a new stake in Revolution Medicines in the second quarter worth about $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Revolution Medicines in the second quarter worth about $41,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Revolution Medicines

Here are the key news stories impacting Revolution Medicines this week:

• Positive Sentiment: RASONQUE generated about $197.6 million in net product revenue during its first five weeks on the U.S. market, far exceeding revenue estimates. The drug received FDA approval for certain patients with metastatic pancreatic cancer, and European regulators issued a positive recommendation for authorization. Company Q3 results and update
• Positive Sentiment: Analysts raised their targets and maintained bullish ratings after the results. RBC raised its target to $321, Guggenheim to $298, TD Cowen to $270, Truist to $261, and Piper Sandler to $222. RBC price-target update
• Neutral Sentiment: Quarterly revenue and adjusted loss per share both beat consensus estimates. However, the company’s loss per share was wider than a year earlier, and the quarter’s revenue largely reflects the initial launch period. Q3 results
• Negative Sentiment: Commentary cited RVMD’s roughly $40 billion valuation and high investor expectations as potential limits on further upside until RASONQUE demonstrates sustained commercial traction or the pipeline delivers pivotal data. That may help explain why shares fell despite the strong launch and analyst upgrades. Q3 earnings and valuation commentary

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.