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

Revolution Medicines, Inc. (NASDAQ:RVMD)’s share price gapped down prior to trading 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.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RVMD shares. Needham & Company LLC reiterated a “buy” rating and issued a $68.00 price target on shares of Revolution Medicines in a research note on Tuesday. Barclays increased their target price on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Piper Sandler lifted their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Oppenheimer upped their price target on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $63.00.

Revolution Medicines Stock Performance

The firm has a market capitalization of $8.11 billion, a PE ratio of -13.43 and a beta of 1.40. The company has a fifty day moving average price of $52.15 and a 200-day moving average price of $45.50.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the prior year, the firm earned ($0.99) EPS. On average, equities analysts predict that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction on Monday, October 14th. The shares were sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 5.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Margaret A. Horn sold 50,000 shares of the business’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 transaction, the chief operating officer now owns 132,320 shares in the company, valued at $6,660,988.80. This trade represents a 27.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,866 shares of company stock worth $6,355,624 in the last three months. Insiders own 8.00% of the company’s stock.

Institutional Trading of Revolution Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in shares of Revolution Medicines by 29.5% during the third quarter. Citigroup Inc. now owns 117,938 shares of the company’s stock valued at $5,348,000 after buying an additional 26,871 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Revolution Medicines by 58.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock valued at $79,957,000 after acquiring an additional 653,433 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Revolution Medicines by 1,109.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock valued at $1,750,000 after acquiring an additional 35,399 shares during the period. Raymond James & Associates grew its position in Revolution Medicines by 156.2% in the 3rd quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock valued at $8,639,000 after acquiring an additional 116,135 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Revolution Medicines by 9.2% in the second quarter. Rhumbline Advisers now owns 228,567 shares of the company’s stock worth $8,871,000 after purchasing an additional 19,257 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

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.