Revolution Medicines (NASDAQ:RVMD) Price Target Cut to $78.00 by Analysts at Stifel Nicolaus

Revolution Medicines (NASDAQ:RVMD) had its target price lowered by Stifel Nicolaus from $80.00 to $78.00 in a research report sent to investors on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Other research analysts also recently issued reports about the company. Needham & Company LLC reduced their price objective on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a research note on Thursday. HC Wainwright raised their target price on Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. UBS Group raised their target price on Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Revolution Medicines in a research note on Monday, December 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. 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, the company presently has an average rating of “Buy” and a consensus target price of $66.23.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $39.08 on Thursday. The business’s 50 day moving average price is $42.21 and its 200-day moving average price is $46.19. 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 $6.57 billion, a price-to-earnings ratio of -10.89 and a beta of 1.45.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.11). On average, sell-side analysts expect that Revolution Medicines will post -3.49 earnings per share for the current year.

Insider Activity at Revolution Medicines

In other news, Director Thilo Schroeder bought 1,304,347 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average cost of $46.00 per share, for a total transaction of $59,999,962.00. Following the acquisition, the director now directly owns 2,096,612 shares of the company’s stock, valued at $96,444,152. The trade was a 164.64 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Margaret A. Horn sold 4,329 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $196,536.60. Following the transaction, the chief operating officer now owns 127,991 shares of the company’s stock, valued at $5,810,791.40. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,678 shares of company stock worth $847,981 in the last three months. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in RVMD. Allspring Global Investments Holdings LLC boosted its stake in shares of Revolution Medicines by 1,109.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock valued at $1,750,000 after buying an additional 35,399 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Revolution Medicines by 22.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,041 shares of the company’s stock worth $267,000 after purchasing an additional 1,115 shares during the last quarter. KBC Group NV lifted its stake in Revolution Medicines by 12.9% during the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Revolution Medicines during the third quarter worth approximately $216,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Revolution Medicines during the third quarter worth approximately $1,220,000. 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.