8,423 Shares in Revolution Medicines, Inc. $RVMD Bought by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System purchased 8,423 shares of Revolution Medicines, Inc. ($RVMD), valued at approximately $310,000, signaling growing interest from institutional investors.
• Despite these investments, Revolution Medicines reported a quarterly earnings miss with an EPS of ($1.31), worse than the consensus estimate of ($0.94).
• Analysts generally maintain a positive outlook on the stock, with a consensus rating of "Moderate Buy" and an average target price of $74.64, influenced by several recent price target increases from major firms.

Maryland State Retirement & Pension System purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 8,423 shares of the company's stock, valued at approximately $310,000.

Other large investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Revolution Medicines by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock valued at $232,000 after acquiring an additional 615 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in Revolution Medicines by 64.7% in the second quarter. Harbor Capital Advisors Inc. now owns 58,323 shares of the company's stock valued at $2,146,000 after acquiring an additional 22,906 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Revolution Medicines in the first quarter valued at $502,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Revolution Medicines by 6.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109,004 shares of the company's stock valued at $3,870,000 after acquiring an additional 6,877 shares during the last quarter. Finally, Atle Fund Management AB lifted its stake in Revolution Medicines by 49.7% in the second quarter. Atle Fund Management AB now owns 82,275 shares of the company's stock valued at $3,027,000 after acquiring an additional 27,314 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company's stock.

Revolution Medicines Trading Down 2.6%

Shares of Revolution Medicines stock opened at $47.50 on Wednesday. The company has a market capitalization of $8.88 billion, a price-to-earnings ratio of -10.56 and a beta of 1.27. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $62.40. The firm's 50-day moving average price is $41.46 and its two-hundred day moving average price is $39.25.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). The firm's revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.81) EPS. On average, analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Stephen Michael Kelsey sold 5,367 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total value of $245,915.94. Following the sale, the insider directly owned 284,047 shares in the company, valued at approximately $13,015,033.54. This trade represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Margaret A. Horn sold 4,775 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $45.82, for a total transaction of $218,790.50. Following the completion of the sale, the chief operating officer owned 145,900 shares in the company, valued at approximately $6,685,138. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,033 shares of company stock valued at $7,242,708. Company insiders own 8.20% of the company's stock.

Analyst Ratings Changes

RVMD has been the subject of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, September 11th. Raymond James Financial assumed coverage on shares of Revolution Medicines in a research report on Friday, September 12th. They issued a "strong-buy" rating and a $72.00 price objective on the stock. The Goldman Sachs Group increased their price objective on shares of Revolution Medicines from $65.00 to $73.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Wedbush raised their price target on shares of Revolution Medicines from $73.00 to $77.00 and gave the stock an "outperform" rating in a research report on Thursday, September 11th. Finally, Truist Financial started coverage on shares of Revolution Medicines in a research report on Friday, September 5th. They set a "buy" rating and a $99.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $74.64.

Revolution Medicines Company 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.

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