983,911 Shares in Revolution Medicines, Inc. $RVMD Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 983,911 Revolution Medicines shares during the second quarter, valued at approximately $184.3 million, giving it a 0.46% stake. Institutional investors collectively own 94.34% of RVMD.
• Wall Street sentiment is broadly positive, with an average “Moderate Buy” rating and a $226.17 price target. Morgan Stanley, Guggenheim, and Raymond James issued bullish ratings or raised targets.
• RVMD shares opened at $196.94, near their $224.31 52-week high, but the company missed quarterly earnings expectations, reporting a loss of $3.06 per share versus the $2.04 consensus estimate.

Bank of America Corp DE bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 983,911 shares of the company's stock, valued at approximately $184,267,000. Bank of America Corp DE owned about 0.46% of Revolution Medicines at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RVMD. Janus Henderson Group PLC grew its holdings in Revolution Medicines by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company's stock valued at $980,036,000 after buying an additional 947,448 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Revolution Medicines by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,161,963 shares of the company's stock worth $251,912,000 after acquiring an additional 16,323 shares during the last quarter. Alphabet Inc. acquired a new stake in shares of Revolution Medicines in the second quarter worth $551,843,000. Westfield Capital Management Co. LP grew its stake in shares of Revolution Medicines by 13.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,845,013 shares of the company's stock worth $226,605,000 after acquiring an additional 331,046 shares during the last quarter. Finally, General Atlantic L.P. increased its position in Revolution Medicines by 13.7% during the fourth quarter. General Atlantic L.P. now owns 2,812,928 shares of the company's stock worth $224,050,000 after acquiring an additional 338,500 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RVMD shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Revolution Medicines in a research note on Friday, July 17th. Morgan Stanley began coverage on shares of Revolution Medicines in a research report on Thursday, September 10th. They issued an "overweight" rating and a $255.00 price target on the stock. Guggenheim upped their price objective on shares of Revolution Medicines from $240.00 to $275.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Sanford C. Bernstein increased their target price on shares of Revolution Medicines from $151.00 to $179.00 and gave the company a "market perform" rating in a research note on Friday, August 21st. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $248.00 target price on shares of Revolution Medicines in a research report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued 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 company presently has an average rating of "Moderate Buy" and an average target price of $226.17.

Revolution Medicines Trading Up 0.5%

Shares of RVMD stock opened at $196.94 on Friday. Revolution Medicines, Inc. has a 52-week low of $42.18 and a 52-week high of $224.31. The stock has a market cap of $42.21 billion, a price-to-earnings ratio of -22.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The firm has a fifty day moving average of $199.49 and a 200-day moving average of $159.35.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter last year, the business posted ($1.31) EPS. On average, equities research analysts forecast that Revolution Medicines, Inc. will post -8.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Mark Goldsmith sold 80,000 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $209.20, for a total value of $16,736,000.00. Following the sale, the insider directly owned 267,330 shares in the company, valued at $55,925,436. This represents a 23.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Jack Anders sold 20,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total value of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares of the company's stock, valued at $20,749,870.77. This represents a 13.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 271,201 shares of company stock worth $54,843,421 over the last quarter. Corporate insiders own 7.60% of the company's stock.

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.

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