Revolution Medicines (NASDAQ:RVMD) Shares Gap Down – Here’s Why

Revolution Medicines, Inc. (NASDAQ:RVMD) gapped down before the market opened on Monday . The stock had previously closed at $57.85, but opened at $54.18. Revolution Medicines shares last traded at $50.67, with a volume of 1,174,875 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Piper Sandler upped their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Guggenheim upped their price target on shares of Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Oppenheimer boosted their target price on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased their price target on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Wedbush reissued an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $61.00.

Revolution Medicines Stock Down 11.4 %

The firm has a market capitalization of $8.62 billion, a PE ratio of -14.90 and a beta of 1.40. The firm’s 50-day moving average price is $51.89 and its two-hundred day moving average price is $45.35.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period last year, the business earned ($0.99) earnings per share. Equities research analysts forecast that Revolution Medicines, Inc. will post -3.51 EPS for the current year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total value of $824,800.34. Following the sale, the insider now directly owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This trade represents a 5.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark A. Goldsmith sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the sale, the insider now owns 300,170 shares in the company, valued at $13,486,638.10. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock valued at $6,355,624 over the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of 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 in the last quarter. Nisa Investment Advisors LLC boosted its stake in Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 320 shares in the last quarter. Captrust Financial Advisors increased its holdings in Revolution Medicines by 4.1% in the 3rd quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock valued at $384,000 after buying an additional 337 shares during the period. Amalgamated Bank raised its position in Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock worth $205,000 after purchasing an additional 365 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Revolution Medicines by 12.9% in the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after buying an additional 368 shares in the last quarter. Institutional investors and hedge funds 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.