California State Teachers Retirement System Acquires 44,494,074 Shares of Revolution Medicines, Inc. $RVMD

California State Teachers Retirement System lifted its stake in Revolution Medicines, Inc. (NASDAQ:RVMD) by 26,920.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 44,659,351 shares of the company’s stock after acquiring an additional 44,494,074 shares during the period. California State Teachers Retirement System owned approximately 0.21% of Revolution Medicines worth $8,363,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Alphabet Inc. bought a new stake in Revolution Medicines during the second quarter valued at about $551,843,000. Norges Bank bought a new position in shares of Revolution Medicines in the fourth quarter worth about $195,568,000. Avoro Capital Advisors LLC purchased a new position in shares of Revolution Medicines during the 4th quarter valued at about $172,840,000. Polar Capital Holdings Plc grew its stake in shares of Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after acquiring an additional 1,535,686 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its stake in shares of Revolution Medicines by 197.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after acquiring an additional 1,463,155 shares during the period. 94.34% of the stock is owned by institutional investors.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $207.32 on Wednesday. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines, Inc. has a 12-month low of $39.73 and a 12-month high of $224.31. The stock has a 50-day moving average price of $197.68 and a 200 day moving average price of $154.44. The stock has a market capitalization of $44.44 billion, a P/E ratio of -23.51 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the prior year, the company earned ($1.31) earnings per share. Equities research analysts forecast that Revolution Medicines, Inc. will post -8.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Mizuho raised their target price on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. Guggenheim upped their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Truist Financial upped their price target on shares of Revolution Medicines from $231.00 to $239.00 and gave the stock a “buy” rating in a research report on Thursday, August 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Finally, TD Cowen upgraded shares of Revolution Medicines to a “strong-buy” rating in a research report on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $200.74.

Insider Buying and Selling at Revolution Medicines

In other news, insider Mark Goldsmith sold 80,000 shares of Revolution Medicines stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the sale, the insider owned 267,330 shares in the company, valued at $55,925,436. This trade represents a 23.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lorence Kim sold 56,000 shares of the business’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $203.24, for a total transaction of $11,381,440.00. Following the completion of the transaction, the director directly owned 17,090 shares in the company, valued at $3,473,371.60. This trade represents a 76.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 268,497 shares of company stock worth $49,587,926. Insiders own 7.60% of the company’s stock.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.