Wedbush Maintains Outperform Rating for Revolution Medicines

Revolution Medicines (NASDAQ:RVMD) recently received positive feedback from Wedbush, as the investment research firm reaffirmed its "outperform" rating on the company's stock. In a note released on Thursday, analysts at Wedbush set a target price of $67.00 per share for Revolution Medicines. This price target indicates a potential upside of approximately 68.83% from the stock's current trading price, presenting an enticing opportunity for investors.

Other analysts have also expressed confidence in Revolution Medicines. Guggenheim raised its price target from $82.00 to $87.00, offering a "buy" recommendation in a report issued on December 3rd. Additionally, JPMorgan Chase increased its target from $63.00 to $71.00, rating the company as "overweight." Stifel Nicolaus adjusted its price objective downward from $80.00 to $78.00 but maintained a "buy" rating. Similarly, Needham & Company reduced its target from $60.00 to $59.00, also labeling the stock as a "buy." Meanwhile, UBS Group lifted its target price from $65.00 to $71.00, reinforcing a "buy" recommendation.

Overall, twelve investment analysts have rated Revolution Medicines with a "buy" rating, and one has given it a strong buy rating. According to data compiled by MarketBeat, Revolution Medicines has an average rating of "Buy" alongside an average price target of $66.23.

Stock Performance of Revolution Medicines

On Thursday, shares of Revolution Medicines closed down $0.81, trading at $39.69. During the session, the trading volume reached 779,498 shares, markedly below the average volume of 1,271,317 shares. The market capitalization of Revolution Medicines stands at $6.68 billion with a price-to-earnings (PE) ratio of -11.04 and a beta of 1.45. The company's 50-day simple moving average is $42.30, while the 200-day simple moving average is at $46.24. Over the last year, Revolution Medicines has seen its stock hit a low of $29.00 and a high of $62.40.

In its latest earnings report dated February 26th, Revolution Medicines disclosed a loss of $1.12 per share for the quarter. This result fell short of the consensus estimate, which was a loss of $1.01 per share. Analysts predict that the company will report an annual loss of $3.49 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In recent insider trading news, Chief Operating Officer Margaret A. Horn sold 4,329 shares of Revolution Medicines on December 16th at an average price of $45.40, yielding a total of $196,536.60. After this transaction, she holds 127,991 shares, valued at about $5,810,791.40, marking a decrease of 3.27% in her ownership. Furthermore, Chief Financial Officer Jack Anders sold 2,635 shares on the same day for a total of $119,629. Following the sale, he now owns 96,470 shares with a total value of $4,379,738, representing a 2.66% reduction in his stake. In total, insiders sold 18,678 shares worth $847,981 over the past quarter, with insiders owning 8.00% of the stock.

Institutional Investor Movements

Recent changes in institutional holdings have been notable as several hedge funds and other institutional investors have modified their stakes in Revolution Medicines. IFP Advisors Inc established a new position valued at around $34,000 during the 4th quarter, while Quarry LP also bought new shares worth approximately $82,000 in the 3rd quarter. Sterling Capital Management LLC significantly increased its holding by 588.7% in the fourth quarter, accumulating 1,956 shares valued at $86,000. Likewise, Farther Finance Advisors LLC expanded its stake by 368.3%, gaining 2,051 shares worth $90,000. Another notable purchase was made by Kapitalo Investimentos Ltda, which acquired a new position in Revolution Medicines during the fourth quarter valued at $104,000. Presently, institutional investors own about 94.34% of the company's stock.

About Revolution Medicines

Revolution Medicines, Inc. is a clinical-stage precision oncology company focused on developing innovative treatments for cancers that are driven by RAS mutations. Their research pipeline includes RAS(ON) inhibitors that are designed for use either as standalone therapies or in combination with other therapies, aiming to address RAS-addicted cancers more effectively.

Revolution, Medicines, Stock