Needham Maintains Revolution Medicines (RVMD) Buy Recommendation

Fintel reports that on August 9, 2023, Needham maintained coverage of Revolution Medicines (NASDAQ:RVMD) with a Buy recommendation.

Analyst Price Forecast Suggests 4.38% Upside

As of August 2, 2023, the average one-year price target for Revolution Medicines is 31.49. The forecasts range from a low of 23.23 to a high of $39.90. The average price target represents an increase of 4.38% from its latest reported closing price of 30.17.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Revolution Medicines is 21MM, a decrease of 29.76%. The projected annual non-GAAP EPS is -3.66.

What is the Fund Sentiment?

There are 366 funds or institutions reporting positions in Revolution Medicines. This is an increase of 2 owner(s) or 0.55% in the last quarter. Average portfolio weight of all funds dedicated to RVMD is 0.35%, a decrease of 36.05%. Total shares owned by institutions increased in the last three months by 17.04% to 110,901K shares. The put/call ratio of RVMD is 1.44, indicating a bearish outlook.

What are Other Shareholders Doing?

Wellington Management Group Llp holds 10,425K shares representing 9.55% ownership of the company. In it's prior filing, the firm reported owning 8,874K shares, representing an increase of 14.88%. The firm increased its portfolio allocation in RVMD by 5.58% over the last quarter.

EcoR1 Capital holds 5,352K shares representing 4.90% ownership of the company. In it's prior filing, the firm reported owning 4,459K shares, representing an increase of 16.69%. The firm increased its portfolio allocation in RVMD by 15.49% over the last quarter.

Price T Rowe Associates holds 5,035K shares representing 4.61% ownership of the company. In it's prior filing, the firm reported owning 3,680K shares, representing an increase of 26.91%. The firm increased its portfolio allocation in RVMD by 15.78% over the last quarter.

Bvf holds 4,956K shares representing 4.54% ownership of the company. In it's prior filing, the firm reported owning 3,256K shares, representing an increase of 34.30%. The firm increased its portfolio allocation in RVMD by 19.89% over the last quarter.

Nextech Invest holds 4,840K shares representing 4.43% ownership of the company. In it's prior filing, the firm reported owning 4,190K shares, representing an increase of 13.43%. The firm increased its portfolio allocation in RVMD by 10.21% over the last quarter.

Revolution Medicines Background Information
(This description is provided by the company.)

Revolution Medicines is a clinical-stage precision oncology company focused on developing novel targeted therapies to inhibit high-value frontier targets in RAS-addicted cancers. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.

Additional reading:

• FORM OF COMPANY STOCKHOLDER VOTING AGREEMENT
• FORM OF STOCKHOLDER LOCK-UP AGREEMENT July 31, 2023
• AGREEMENT AND PLAN OF MERGER REVOLUTION MEDICINES, INC., a Delaware corporation, EQRX, INC., a Delaware corporation, EQUINOX MERGER SUB I, INC., a Delaware corporation EQUINOX MERGER SUB II LLC, a Delaware limited liability company Dated as of July 3
• FORM OF PARENT STOCKHOLDER VOTING AGREEMENT
• Revolution Medicines, Inc. to Acquire EQRx, Inc. in All-Stock Transaction to Gain More Than $1 Billion in Additional Capital Revolution Medicines Expects to Conduct Late-Stage Development of RAS(ON) Inhibitor Drug Candidate Pipeline Supported by Fort

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.