Revolution Medicines (NASDAQ:RVMD) Sets New 12-Month High on Analyst Upgrade

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD) hit a new 52-week high during trading on Friday after Sanford C. Bernstein upgraded the stock to a hold rating. The stock 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.

RVMD has been the topic of several other research reports. Truist Financial initiated coverage on shares of Revolution Medicines in a research report on Monday, May 18th. They set a “buy” rating and a $179.00 price target on the stock. Guggenheim increased their price target on shares of Revolution Medicines to $205.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. HC Wainwright reaffirmed a “buy” rating on shares of Revolution Medicines in a research report on Wednesday, April 22nd. Royal Bank Of Canada increased their price target on shares of Revolution Medicines to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research report on Monday, March 16th. They set a “buy” rating on the stock. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $111.35.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 2,753 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $273,868.44. Following the transaction, the chief financial officer owned 125,512 shares of the company’s stock, valued at $12,485,933.76. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lin Wei sold 2,073 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total transaction of $206,222.04. Following the completion of the transaction, the insider directly owned 101,366 shares in the company, valued at $10,083,889.68. This represents a 2.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 184,592 shares of company stock valued at $24,499,532 over the last ninety days. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

A number of large investors have recently bought and sold shares of the business. Edgestream Partners L.P. bought a new position in Revolution Medicines in the first quarter worth about $6,736,000. Amundi lifted its holdings in Revolution Medicines by 590.5% in the first quarter. Amundi now owns 138,560 shares of the company’s stock worth $13,475,000 after acquiring an additional 118,493 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Revolution Medicines by 22.1% in the first quarter. California State Teachers Retirement System now owns 165,277 shares of the company’s stock worth $16,073,000 after acquiring an additional 29,887 shares during the last quarter. Readystate Asset Management LP acquired a new stake in shares of Revolution Medicines in the first quarter valued at approximately $3,097,000. Finally, Eagle Health Investments LP increased its stake in shares of Revolution Medicines by 3.1% in the first quarter. Eagle Health Investments LP now owns 119,464 shares of the company’s stock valued at $11,618,000 after purchasing an additional 3,564 shares during the period. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

The stock has a fifty day moving average price of $123.75 and a two-hundred day moving average price of $101.21. The company has a market cap of $32.22 billion, a P/E ratio of -21.44 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 issued 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 period last year, the company earned ($1.13) earnings per share. On average, equities analysts forecast that Revolution Medicines, Inc. will post -7.75 earnings per share for the current fiscal year.

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.