Revolution Medicines (NASDAQ:RVMD) Given New $247.00 Price Target at Morgan Stanley

Revolution Medicines (NASDAQ:RVMD) had its price objective decreased by Morgan Stanley from $272.00 to $247.00 in a report published on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

RVMD has been the topic of several other reports. Royal Bank Of Canada upped their price target on Revolution Medicines from $260.00 to $321.00 and gave the stock an “outperform” rating in a research note on Thursday, November 5th. Truist Financial reissued a “buy” rating and issued a $261.00 target price (up from $241.00) on shares of Revolution Medicines in a research report on Thursday, November 5th. Evercore restated an “outperform” rating and set a $320.00 target price on shares of Revolution Medicines in a research note on Thursday, August 27th. Brookline Capital Markets started coverage on shares of Revolution Medicines in a report on Monday, September 28th. They set a “buy” rating and a $318.00 price target on the stock. Finally, Stifel Nicolaus lifted their price target on shares of Revolution Medicines from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Revolution Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $262.75.

Revolution Medicines Price Performance

Shares of RVMD opened at $172.29 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 8.34 and a current ratio of 8.36. The company’s fifty day simple moving average is $194.46 and its 200 day simple moving average is $159.42. Revolution Medicines has a 1-year low of $63.50 and a 1-year high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, topping the consensus estimate of ($2.35) by $0.45. The business had revenue of $197.56 million for the quarter, compared to the consensus estimate of $25.58 million. During the same quarter in the prior year, the company earned ($1.61) earnings per share. As a group, analysts expect that Revolution Medicines will post -7.41 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, insider Stephen Kelsey sold 92,531 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the completion of the transaction, the insider directly owned 291,876 shares in the company, valued at approximately $59,064,027.36. This trade represents a 24.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lorence H. Kim sold 56,000 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $203.24, for a total value of $11,381,440.00. Following the completion of the sale, the director directly owned 17,090 shares of the company’s stock, valued at approximately $3,473,371.60. This represents a 76.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 326,741 shares of company stock worth $66,147,340 over the last quarter. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Hedge funds have recently made changes to their positions in the company. Bluestem Financial Advisors LLC raised its position in Revolution Medicines by 4.8% during the third quarter. Bluestem Financial Advisors LLC now owns 1,256 shares of the company’s stock worth $258,000 after acquiring an additional 58 shares in the last quarter. IFP Advisors Inc grew its holdings in Revolution Medicines by 8.7% in the 3rd quarter. IFP Advisors Inc now owns 810 shares of the company’s stock valued at $166,000 after buying an additional 65 shares in the last quarter. Independent Advisor Alliance boosted its position in shares of Revolution Medicines by 5.1% in the third quarter. Independent Advisor Alliance now owns 1,764 shares of the company’s stock valued at $355,000 after acquiring an additional 85 shares during the period. Brighton Jones LLC grew its stake in shares of Revolution Medicines by 2.9% in the third quarter. Brighton Jones LLC now owns 3,565 shares of the company’s stock valued at $732,000 after acquiring an additional 99 shares in the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Revolution Medicines by 37.0% in the third quarter. TD Waterhouse Canada Inc. now owns 370 shares of the company’s stock valued at $76,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

About Revolution Medicines

Revolution Medicines, Inc. is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company’s research centers on RAS proteins, which can contribute to the growth of many cancers. The company’s pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.