National Pension Service Buys New Position in Revolution Medicines, Inc. $RVMD

National Pension Service bought a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the second quarter, HoldingsChannel.com reports. The fund bought 273,604 shares of the company’s stock, valued at approximately $51,241,000.

Other hedge funds also recently modified their holdings of the company. Contravisory Investment Management Inc. purchased a new stake in shares of Revolution Medicines during the second quarter worth about $32,000. Global Retirement Partners LLC boosted its position in Revolution Medicines by 1,002.8% during the fourth quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock worth $32,000 after acquiring an additional 361 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Revolution Medicines in the 2nd quarter worth approximately $37,000. Arax Advisory Partners purchased a new stake in Revolution Medicines in the 4th quarter worth approximately $38,000. Finally, Silvant Capital Management LLC acquired a new position in Revolution Medicines during the second quarter worth approximately $41,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Stock Up 0.2%

RVMD stock opened at $203.77 on Friday. The company has a market capitalization of $43.68 billion, a P/E ratio of -23.10 and a beta of 1.40. 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 twelve month low of $42.18 and a twelve month high of $224.31. The firm has a 50 day simple moving average of $198.66 and a 200-day simple moving average of $156.23.

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 analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter last year, the business posted ($1.31) EPS. On average, equities research analysts predict that Revolution Medicines, Inc. will post -8.87 earnings per share for the current fiscal year.

Insider Activity

In other Revolution Medicines news, Director Sushil Patel sold 5,580 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director owned 21,656 shares in the company, valued at $4,071,111.44. This represents a 20.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lorence Kim sold 17,090 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $209.82, for a total value of $3,585,823.80. The SEC filing for this sale provides additional information. Insiders have sold a total of 285,587 shares of company stock valued at $53,173,750 over the last three months. Company insiders own 7.60% of the company’s stock.

Analyst Ratings Changes

RVMD has been the topic of several research reports. Mizuho raised their price target on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Wolfe Research reissued an “outperform” rating and issued a $220.00 target price on shares of Revolution Medicines in a research note on Monday, August 10th. Oppenheimer lifted their target price on shares of Revolution Medicines from $230.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Morgan Stanley initiated coverage on shares of Revolution Medicines in a research report on Thursday. They set an “overweight” rating and a $255.00 price target for the company. Finally, UBS Group raised their price objective on Revolution Medicines from $220.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $226.17.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.