Six analyst firms raised their price targets on Revolution Medicines on Wednesday alone. That wall of upgrades is the defining story here — and the rest of the data is moving in the same direction.
Oppenheimer, RBC Capital, Wedbush, Truist Securities, Evercore ISI, and HC Wainwright all lifted their targets on August 27. The range is wide. Evercore moved from $230 to $320. HC Wainwright went from $195 to $280. RBC shifted from $203 to $251. The consensus mean target now sits at $242.68, against a current price of $221.15. Every firm maintained a Buy or Outperform rating. This is a coordinated re-rating, not a single outlier move.
The backdrop is RVMD's clinical-stage RAS-targeted oncology pipeline. The bull case centers on a large addressable market and early pipeline data. The bear case — competition from larger pharma players and an unproven safety profile against established treatments — hasn't deterred these analysts.
Short interest has fallen 13.4% over the past week to 4.85% of free float. Over the past month, it's down nearly 25%. The short position stood at roughly 14.2 million shares in early August. It's now below 9.4 million.
The lending market is extremely loose. Availability sits at 7,566% — meaning the pool of shares available to borrow is more than 75 times what's currently been borrowed. Cost to borrow is just 0.63%, up 54% on the week but still trivially low in absolute terms. There is no borrow squeeze underway. Shorts who want out face no obstacles.
The CEO, Mark Goldsmith, sold shares on August 21. Multiple transactions that day totalled roughly $6.7 million. The prior trader note flagged over $15 million in total sales around that period. The stock has continued higher since — now at $221, up 4.4% on the week and 17.6% over the past month.
The ORTEX short score has eased to 39.2, down from 42.5 a week ago. A lower short score reflects reduced bearish pressure in the lending and positioning data.
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