Needham & Company LLC Lowers Revolution Medicines (NASDAQ:RVMD) Price Target to $59.00

Revolution Medicines (NASDAQ:RVMD) had its target price decreased by analysts at Needham & Company LLC from $60.00 to $59.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 45.68% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Piper Sandler upped their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. UBS Group upped their price target on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Guggenheim upped their price target on Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. HC Wainwright upped their price target on Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a report on Monday, December 2nd. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $65.50.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $40.50 on Thursday. The firm’s 50-day moving average is $42.30 and its two-hundred day moving average is $46.24. Revolution Medicines has a 1 year low of $29.00 and a 1 year high of $62.40. The firm has a market capitalization of $6.81 billion, a PE ratio of -11.28 and a beta of 1.45.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11). Analysts expect that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 2,635 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $119,629.00. Following the completion of the transaction, the chief financial officer now owns 96,470 shares in the company, valued at approximately $4,379,738. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Margaret A. Horn sold 4,329 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $196,536.60. Following the completion of the transaction, the chief operating officer now owns 127,991 shares of the company’s stock, valued at $5,810,791.40. The trade was a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,678 shares of company stock valued at $847,981 over the last three months. 8.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Revolution Medicines by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company’s stock worth $747,799,000 after acquiring an additional 2,185,082 shares in the last quarter. Farallon Capital Management LLC increased its position in shares of Revolution Medicines by 17.1% in the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company’s stock valued at $579,498,000 after buying an additional 1,931,000 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Revolution Medicines by 54.5% in the fourth quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company’s stock valued at $414,777,000 after buying an additional 3,346,755 shares in the last quarter. Baker BROS. Advisors LP increased its position in shares of Revolution Medicines by 4.9% in the fourth quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company’s stock valued at $347,163,000 after buying an additional 367,882 shares in the last quarter. Finally, Nextech Invest Ltd. increased its position in shares of Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after buying an additional 1,304,347 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.