Revolution Medicines (NASDAQ:RVMD) Hits New 52-Week High – What’s Next?
by Michael Walen · The Markets DailyRevolution Medicines, Inc. (NASDAQ:RVMD – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $197.47 and last traded at $197.47, with a volume of 96802 shares trading hands. The stock had previously closed at $193.46.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. Needham & Company LLC boosted their target price on Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Piper Sandler lifted their price objective on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Mizuho boosted their price objective on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, July 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. Finally, Royal Bank Of Canada lifted their price target on shares of Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.67.
Revolution Medicines Trading Up 0.6%
The firm has a market capitalization of $41.40 billion, a price-to-earnings ratio of -27.54 and a beta of 1.39. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The company has a 50-day moving average price of $173.96 and a 200-day moving average price of $135.92.
Revolution Medicines (NASDAQ:RVMD – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the firm posted ($1.13) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.92 EPS for the current fiscal year.
Insider Buying and Selling at Revolution Medicines
In other news, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the completion of the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 132,497 shares of company stock worth $21,470,486. 7.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Revolution Medicines
Several large investors have recently bought and sold shares of RVMD. Meeder Advisory Services Inc. increased its position in shares of Revolution Medicines by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company’s stock worth $401,000 after purchasing an additional 120 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Revolution Medicines by 1.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company’s stock valued at $802,000 after purchasing an additional 125 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Revolution Medicines by 0.4% in the 4th quarter. Deutsche Bank AG now owns 32,217 shares of the company’s stock valued at $2,566,000 after purchasing an additional 130 shares during the last quarter. Signaturefd LLC boosted its position in shares of Revolution Medicines by 33.1% in the 4th quarter. Signaturefd LLC now owns 656 shares of the company’s stock valued at $52,000 after purchasing an additional 163 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new position in Revolution Medicines during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 94.34% of the company’s stock.
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.