Revolution Medicines (NASDAQ:RVMD) Given “Buy” Rating at Needham & Company LLC

Revolution Medicines (NASDAQ:RVMD)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $59.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 68.00% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus reduced their target price on shares of Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. UBS Group raised their price objective on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright raised their price target on shares of Revolution Medicines from $72.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $67.00 target price on shares of Revolution Medicines in a report on Thursday, February 27th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Revolution Medicines has a consensus rating of “Buy” and a consensus price target of $65.23.

Revolution Medicines Stock Up 12.8 %

Shares of NASDAQ RVMD opened at $35.12 on Tuesday. The company has a market cap of $6.53 billion, a PE ratio of -9.78 and a beta of 1.37. The business’s 50 day moving average price is $38.71 and its two-hundred day moving average price is $44.84. Revolution Medicines has a twelve month low of $29.17 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11). As a group, research analysts anticipate that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 11,738 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the sale, the insider now owns 441,564 shares of the company’s stock, valued at $17,238,658.56. This trade represents a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jack Anders sold 1,864 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the sale, the chief financial officer now directly owns 115,006 shares in the company, valued at approximately $4,489,834.24. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,660 shares of company stock worth $650,406. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its holdings in Revolution Medicines by 2.3% in the 1st quarter. Rhumbline Advisers now owns 257,150 shares of the company’s stock worth $9,093,000 after acquiring an additional 5,685 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Revolution Medicines by 3,501.9% during the first quarter. GAMMA Investing LLC now owns 21,287 shares of the company’s stock valued at $753,000 after buying an additional 20,696 shares during the period. California State Teachers Retirement System grew its holdings in shares of Revolution Medicines by 1.0% in the fourth quarter. California State Teachers Retirement System now owns 113,036 shares of the company’s stock worth $4,944,000 after purchasing an additional 1,104 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Revolution Medicines in the 4th quarter worth $994,000. Finally, Polar Asset Management Partners Inc. boosted its stake in shares of Revolution Medicines by 46.0% during the fourth quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company’s stock valued at $1,513,000 after purchasing an additional 10,900 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, 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.