Barclays Boosts Revolution Medicines (NASDAQ:RVMD) Price Target to $60.00

Revolution Medicines (NASDAQ:RVMD) had its price objective raised by Barclays from $54.00 to $60.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently weighed in on the stock. Oppenheimer raised their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an outperform rating in a report on Tuesday, July 16th. HC Wainwright reissued a buy rating and set a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Needham & Company LLC reduced their target price on Revolution Medicines from $62.00 to $61.00 and set a buy rating on the stock in a research note on Thursday, August 8th. Wedbush reissued an outperform rating and set a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Revolution Medicines from $55.00 to $54.00 and set an overweight rating on the stock in a research report on Thursday, August 8th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $54.00.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $44.17 on Friday. The company has a market capitalization of $7.38 billion, a P/E ratio of -11.78 and a beta of 1.43. Revolution Medicines has a 1 year low of $15.44 and a 1 year high of $48.61. The company’s fifty day moving average is $43.75 and its two-hundred day moving average is $39.63.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. The business’s revenue for the quarter was down 73.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.92) earnings per share. As a group, equities analysts expect that Revolution Medicines will post -3.47 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $46.47, for a total transaction of $774,515.49. Following the completion of the sale, the insider now owns 269,073 shares of the company’s stock, valued at $12,503,822.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $46.47, for a total transaction of $774,515.49. Following the completion of the transaction, the insider now directly owns 269,073 shares in the company, valued at approximately $12,503,822.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sushil Patel sold 2,155 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total transaction of $94,820.00. Following the completion of the sale, the director now owns 19,948 shares of the company’s stock, valued at approximately $877,712. The disclosure for this sale can be found here. Insiders have sold a total of 56,221 shares of company stock worth $2,552,337 over the last three months. Corporate insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in Revolution Medicines by 10.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after buying an additional 320 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Revolution Medicines by 7.4% in the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Revolution Medicines by 140.9% in the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after purchasing an additional 885 shares during the last quarter. Clear Harbor Asset Management LLC increased its position in shares of Revolution Medicines by 10.2% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock worth $436,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Seven Eight Capital LP increased its position in shares of Revolution Medicines by 1.6% during the 2nd quarter. Seven Eight Capital LP now owns 69,602 shares of the company’s stock worth $2,701,000 after purchasing an additional 1,108 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

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.