Revolution Medicines (NASDAQ:RVMD) Sets New 12-Month High – What’s Next?

10 Oct 2024, 21:22 by Michael Walen · The Markets Daily

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD – Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $48.90 and last traded at $48.63, with a volume of 467888 shares trading hands. The stock had previously closed at $47.34.

Analyst Ratings Changes

A number of research firms have recently weighed in on RVMD. Wedbush reiterated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. Oppenheimer upped their target price on Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $61.00 price objective on shares of Revolution Medicines in a research report on Monday. Barclays increased their price target on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Bank of America raised their price objective on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Revolution Medicines presently has a consensus rating of “Buy” and a consensus price target of $54.00.

Get Our Latest Stock Report on RVMD

Revolution Medicines Trading Up 0.0 %

The stock has a market cap of $8.27 billion, a PE ratio of -13.20 and a beta of 1.43. The business has a 50-day moving average price of $43.88 and a 200 day moving average price of $40.45.

Revolution Medicines (NASDAQ:RVMD – Get Free Report) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $0.81 million. Revolution Medicines’s quarterly revenue was down 73.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.92) EPS. On average, equities analysts predict that Revolution Medicines, Inc. will post -3.35 earnings per share for the current year.

Insider Activity

In other news, insider Stephen Michael Kelsey sold 16,667 shares of the business’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 $12,503,822.31. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Barbara Weber sold 5,200 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total value of $249,704.00. Following the completion of the transaction, the director now directly owns 13,065 shares in the company, valued at approximately $627,381.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Michael Kelsey sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $46.47, for a total value of $774,515.49. Following the sale, the insider now owns 269,073 shares in the company, valued at $12,503,822.31. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,867 shares of company stock worth $3,058,569. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Large investors have recently modified their holdings of the company. BVF Inc. IL grew its position in Revolution Medicines by 50.2% during the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after acquiring an additional 2,000,000 shares during the last quarter. American International Group Inc. raised its position in Revolution Medicines by 41.3% in the 4th quarter. American International Group Inc. now owns 71,494 shares of the company’s stock worth $2,050,000 after purchasing an additional 20,881 shares during the period. Goldman Sachs Group Inc. lifted its stake in Revolution Medicines by 67.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,053,257 shares of the company’s stock worth $30,207,000 after purchasing an additional 425,812 shares during the last quarter. Wellington Management Group LLP boosted its position in Revolution Medicines by 40.8% during the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock valued at $426,818,000 after buying an additional 4,309,611 shares during the period. Finally, Mubadala Investment Co PJSC purchased a new position in shares of Revolution Medicines in the fourth quarter worth about $7,973,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

About Revolution Medicines

(Get Free Report)