Margaret Horn, the Chief Operating Officer of Revolution Medicines, Inc. (NASDAQ:RVMD), sold 4,847 shares of the company’s stock for a total of $372,346.54 on December 16, 2023. The shares were sold at an average price of $76.82 each. Following this transaction, Horn now directly owns 141,053 shares, which are valued at approximately $10,835,691.46. This sale reflects a 3.32% decrease in her ownership stake in the firm.
The transaction was officially disclosed in a filing with the U.S. Securities and Exchange Commission (SEC). As of mid-day trading on December 19, 2023, shares of Revolution Medicines were down by 1.0%, trading at $75.96. During this trading session, 2,749,530 shares were exchanged, surpassing the average volume of 2,009,908 shares. The company’s market capitalization stands at $14.68 billion, with a price-to-earnings ratio of -14.69 and a beta of 0.96.
Company Performance and Analyst Insights
Revolution Medicines recently reported its quarterly earnings results on November 5, 2023. The company posted earnings per share of -$1.61, falling short of analysts’ expectations of -$1.39 by $0.22. This marked a decline from -$0.94 earnings per share recorded in the same quarter of the previous year. Looking ahead, analysts project the company will report an annual earnings per share of -3.49 for the current financial year.
Several research analysts have provided insights into the stock’s performance. On December 4, 2023, UBS Group upgraded Revolution Medicines to a “strong-buy” rating. Similarly, Needham & Company LLC raised their price target from $66.00 to $72.00 and recommended a “buy” rating on November 6, 2023. Additionally, The Goldman Sachs Group adjusted their target price from $65.00 to $73.00 and affirmed a “buy” rating on September 12, 2023.
Analyst recommendations have generally been positive, with four analysts rating the stock as a Strong Buy, thirteen assigning a Buy rating, and one issuing a Sell rating. Current consensus from analysts suggests a target price of $78.50 for Revolution Medicines.
Company Overview and Future Prospects
Revolution Medicines, Inc. is a clinical-stage precision oncology company focused on developing novel targeted therapies for cancers driven by RAS mutations. Their research pipeline includes RAS(ON) inhibitors, which are designed for use as standalone treatments or in combination with other therapies, enhancing their potential effectiveness.
The company’s stock has experienced significant fluctuations, with a one-year low of $29.17 and a high of $81.49. As Revolution Medicines continues to advance its innovative treatments, investor confidence will likely hinge on the success of its clinical trials and strategic partnerships.
As the market continues to adjust and respond to the latest developments, Revolution Medicines remains a focal point for investors keen on the biopharmaceutical sector.
