JPMorgan Chase & Co. Increases Revolution Medicines (NASDAQ:RVMD) Price Target to $63.00

Revolution Medicines (NASDAQ:RVMD) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $54.00 to $63.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.37% from the stock’s current price.

RVMD has been the topic of several other research reports. Guggenheim upped their price objective on shares of Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a report on Monday, October 28th. HC Wainwright reaffirmed a “buy” rating and set a $56.00 price objective on shares of Revolution Medicines in a research note on Monday, August 12th. Wedbush reiterated an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research report on Thursday, August 8th. Piper Sandler increased their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Oppenheimer raised their price objective on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $59.75.

Revolution Medicines Stock Down 0.3 %

NASDAQ:RVMD traded down $0.19 during mid-day trading on Thursday, reaching $59.23. The company’s stock had a trading volume of 485,097 shares, compared to its average volume of 1,328,647. Revolution Medicines has a 1 year low of $18.79 and a 1 year high of $60.53. The stock has a fifty day moving average of $46.86 and a 200-day moving average of $42.89. The firm has a market capitalization of $9.89 billion, a PE ratio of -16.16 and a beta of 1.40.

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 analysts’ consensus estimates of ($0.89) by ($0.05). During the same period in the prior year, the firm earned ($0.99) EPS. On average, analysts expect that Revolution Medicines will post -3.35 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In other news, CFO Jack Anders sold 10,000 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.30, for a total transaction of $503,000.00. Following the completion of the transaction, the chief financial officer now directly owns 98,932 shares of the company’s stock, valued at approximately $4,976,279.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $49.49, for a total value of $824,800.34. Following the completion of the sale, the insider now directly owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the sale, the chief financial officer now owns 98,932 shares of the company’s stock, valued at $4,976,279.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several large investors have recently modified their holdings of the stock. CIBC Asset Management Inc purchased a new stake in shares of Revolution Medicines during the third quarter worth approximately $216,000. KBC Group NV raised its stake in shares of 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. China Universal Asset Management Co. Ltd. raised its stake in shares of Revolution Medicines by 65.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 32,127 shares of the company’s stock worth $1,457,000 after purchasing an additional 12,744 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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. Finally, Values First Advisors Inc. purchased a new stake in shares of Revolution Medicines during the third quarter worth approximately $93,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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.