Revolution Medicines (NASDAQ:RVMD – Get Rating) had its price objective lowered by analysts at SVB Leerink from $31.00 to $30.00 in a research report issued to clients and investors on Wednesday, Stock Target Advisor reports. The brokerage currently has an “outperform” rating on the stock. SVB Leerink’s price objective suggests a potential upside of 26.26% from the stock’s current price.
Separately, Bank of America began coverage on Revolution Medicines in a report on Friday, May 20th. They issued a “neutral” rating and a $24.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Revolution Medicines has an average rating of “Moderate Buy” and an average price target of $30.17.
Revolution Medicines Stock Down 2.6 %
RVMD stock opened at $23.76 on Wednesday. Revolution Medicines has a fifty-two week low of $14.08 and a fifty-two week high of $34.16. The firm’s 50-day simple moving average is $20.72 and its 200 day simple moving average is $20.65. The stock has a market cap of $1.76 billion, a PE ratio of -8.46 and a beta of 1.69.
Revolution Medicines (NASDAQ:RVMD – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The company reported ($0.78) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.04. The firm had revenue of $7.58 million for the quarter, compared to the consensus estimate of $10.00 million. Revolution Medicines had a negative net margin of 773.42% and a negative return on equity of 33.52%. During the same quarter in the previous year, the company earned ($0.53) earnings per share. Equities analysts forecast that Revolution Medicines will post -3.58 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Lorence H. Kim purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was bought at an average price of $20.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director now owns 60,500 shares in the company, valued at approximately $1,210,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Lorence H. Kim purchased 50,000 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were acquired at an average cost of $20.00 per share, with a total value of $1,000,000.00. Following the completion of the acquisition, the director now owns 60,500 shares of the company’s stock, valued at $1,210,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Rock Ventures Iii L.P. Third sold 419,901 shares of the company’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $20.25, for a total transaction of $8,502,995.25. Following the completion of the sale, the insider now directly owns 5,104,130 shares in the company, valued at $103,358,632.50. The disclosure for this sale can be found here. 22.60% of the stock is owned by insiders.
Institutional Investors Weigh In On Revolution Medicines
A number of hedge funds and other institutional investors have recently modified their holdings of RVMD. Nisa Investment Advisors LLC boosted its holdings in shares of Revolution Medicines by 53.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,150 shares of the company’s stock valued at $42,000 after acquiring an additional 750 shares in the last quarter. Goodman Advisory Group LLC acquired a new stake in Revolution Medicines in the second quarter valued at $54,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Revolution Medicines by 34.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,743 shares of the company’s stock worth $170,000 after acquiring an additional 1,744 shares during the period. Virtus ETF Advisers LLC boosted its position in shares of Revolution Medicines by 9.7% during the 4th quarter. Virtus ETF Advisers LLC now owns 6,746 shares of the company’s stock valued at $170,000 after purchasing an additional 596 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Revolution Medicines by 48.0% during the first quarter. SG Americas Securities LLC now owns 6,942 shares of the company’s stock valued at $177,000 after buying an additional 2,251 shares in the last quarter.
About Revolution Medicines
Revolution Medicines, Inc, a clinical-stage precision oncology company, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic and colorectal cancer tumors.