Revolution Medicines (NASDAQ:RVMD) Hits New 52-Week High – What’s Next?

Revolution Medicines, Inc. (NASDAQ:RVMD) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $51.00 and last traded at $50.42, with a volume of 1055089 shares changing hands. The stock had previously closed at $48.99.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RVMD shares. JPMorgan Chase & Co. lowered their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Bank of America lifted their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Oppenheimer boosted their target price on Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Jefferies Financial Group started coverage on Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $56.00 price objective on shares of Revolution Medicines in a report on Monday, August 12th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $54.00.

Revolution Medicines Trading Up 2.9 %

The company has a market cap of $8.42 billion, a PE ratio of -13.46 and a beta of 1.43. The company has a fifty day simple moving average of $44.35 and a two-hundred day simple moving average of $41.03.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter last year, the firm earned ($0.92) EPS. The business’s revenue for the quarter was down 73.8% on a year-over-year basis. On average, research analysts anticipate that Revolution Medicines, Inc. will post -3.35 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, COO Margaret A. Horn sold 50,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the sale, the chief operating officer now directly owns 132,320 shares in the company, valued at $6,660,988.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the sale, the director now directly owns 13,065 shares in the company, valued at $627,381.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the completion of the transaction, the chief operating officer now owns 132,320 shares of the company’s stock, valued at $6,660,988.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 137,866 shares of company stock valued at $6,814,424. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

Institutional investors and hedge funds have recently made changes to their positions in the company. Vontobel Holding Ltd. purchased a new stake in Revolution Medicines in the third quarter valued at approximately $246,000. Creative Planning boosted its stake in Revolution Medicines by 40.1% during the 3rd quarter. Creative Planning now owns 37,868 shares of the company’s stock worth $1,717,000 after purchasing an additional 10,839 shares during the period. GAMMA Investing LLC grew its position in Revolution Medicines by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after purchasing an additional 222 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Revolution Medicines by 27.5% in the third quarter. Handelsbanken Fonder AB now owns 46,775 shares of the company’s stock valued at $2,121,000 after purchasing an additional 10,100 shares during the period. Finally, Halpern Financial Inc. acquired a new stake in shares of Revolution Medicines during the third quarter worth about $259,000. 94.34% of the stock is owned by hedge funds and other 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.