Revolution Medicines (NASDAQ:RVMD) Hits New 1-Year High – Time to Buy?

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $56.85 and last traded at $56.83, with a volume of 504765 shares trading hands. The stock had previously closed at $55.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wedbush reiterated an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a report on Thursday, August 8th. Bank of America increased their target price on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Piper Sandler increased their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday. Barclays raised their price objective on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Needham & Company LLC raised their price objective on Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and an average target price of $61.00.

Revolution Medicines Trading Down 0.5 %

The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of -16.39 and a beta of 1.40. The firm has a 50 day moving average price of $46.86 and a two-hundred day moving average price of $42.89.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter last year, the business earned ($0.99) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -3.35 earnings per share for the current year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total value of $249,704.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 in the last three months. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Revolution Medicines by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after purchasing an additional 122,721 shares in the last quarter. Farallon Capital Management LLC raised its position in shares of Revolution Medicines by 30.0% in the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after purchasing an additional 2,249,820 shares in the last quarter. Baker BROS. Advisors LP raised its position in shares of Revolution Medicines by 46.6% in the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after purchasing an additional 2,400,592 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Revolution Medicines by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after purchasing an additional 177,957 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Revolution Medicines by 77.9% in the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock valued at $126,067,000 after purchasing an additional 1,712,639 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

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.