T. Rowe Price Investment Management Inc. Acquires Shares of 1,673,429 Revolution Medicines, Inc. $RVMD

Key Points

• T. Rowe Price Investment Management Inc. acquired a new position in Revolution Medicines, purchasing 1,673,429 shares valued at approximately $59.17 million, representing about 0.90% ownership in the company.
• Revolution Medicines reported a loss of ($1.31) EPS for the last quarter, missing analysts' estimates, with expectations for a -3.49 EPS for the current fiscal year.
• The stock is currently rated as a "Buy" by thirteen research analysts, with a consensus price target of $69.92.

T. Rowe Price Investment Management Inc. purchased a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,673,429 shares of the company's stock, valued at approximately $59,173,000. T. Rowe Price Investment Management Inc. owned about 0.90% of Revolution Medicines as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the company. Kapitalo Investimentos Ltda purchased a new position in Revolution Medicines during the fourth quarter worth about $104,000. Goodman Advisory Group LLC purchased a new stake in Revolution Medicines in the 1st quarter valued at about $127,000. GF Fund Management CO. LTD. lifted its position in shares of Revolution Medicines by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 4,307 shares of the company's stock worth $152,000 after buying an additional 775 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Revolution Medicines by 349.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,524 shares of the company's stock worth $160,000 after buying an additional 3,518 shares during the last quarter. Finally, BIT Capital GmbH bought a new position in shares of Revolution Medicines in the first quarter valued at approximately $178,000. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Price Performance

NASDAQ:RVMD traded up $0.93 during mid-day trading on Thursday, hitting $38.97. 914,648 shares of the stock traded hands, compared to its average volume of 1,862,171. The business's 50-day moving average price is $37.32 and its 200 day moving average price is $38.26. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. The company has a market cap of $7.28 billion, a PE ratio of -8.64 and a beta of 1.16. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). Revolution Medicines's revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.81) EPS. On average, analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on RVMD. HC Wainwright restated a "buy" rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Piper Sandler assumed coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "overweight" rating and a $75.00 price target for the company. Oppenheimer increased their price objective on Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Wells Fargo & Company assumed coverage on Revolution Medicines in a research report on Friday, August 15th. They set an "overweight" rating and a $67.00 price target on the stock. Finally, The Goldman Sachs Group began coverage on shares of Revolution Medicines in a report on Tuesday, July 15th. They set a "buy" rating and a $65.00 price objective on the stock. Thirteen analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Revolution Medicines presently has a consensus rating of "Buy" and an average target price of $69.92.

Revolution Medicines Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.