Aigen Investment Management LP Buys New Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Key Points

• Aigen Investment Management LP has acquired a new stake in Revolution Medicines, purchasing 11,924 shares valued at approximately $422,000.
• A variety of institutional investors have significantly increased their stakes in Revolution Medicines, contributing to a total institutional ownership of 94.34%.
• Revolution Medicines has received a consensus rating of "Buy" from eleven analysts, with target prices ranging from $56.00 to $80.00.

Aigen Investment Management LP purchased a new position 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 Securities and Exchange Commission. The fund purchased 11,924 shares of the company's stock, valued at approximately $422,000.

A number of other institutional investors also recently added to or reduced their stakes in RVMD. Wells Fargo & Company MN lifted its holdings in shares of Revolution Medicines by 51.8% in the fourth quarter. Wells Fargo & Company MN now owns 88,327 shares of the company's stock valued at $3,863,000 after buying an additional 30,155 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Revolution Medicines by 21.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 11,425 shares of the company's stock valued at $500,000 after buying an additional 2,041 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Revolution Medicines by 11.4% in the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock valued at $186,000 after buying an additional 434 shares during the period. Cerity Partners LLC acquired a new stake in shares of Revolution Medicines in the fourth quarter valued at $250,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Revolution Medicines in the fourth quarter valued at $14,067,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RVMD. Wells Fargo & Company started coverage on Revolution Medicines in a report on Friday. They issued an "overweight" rating and a $67.00 price objective for the company. Guggenheim reaffirmed a "buy" rating and set a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. Wedbush reaffirmed an "outperform" rating and set a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group started coverage on Revolution Medicines in a research report on Tuesday, July 15th. They set a "buy" rating and a $65.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $68.67.

Revolution Medicines Stock Up 0.8%

RVMD stock traded up $0.30 during mid-day trading on Friday, hitting $36.32. The stock had a trading volume of 1,391,929 shares, compared to its average volume of 1,886,910. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines, Inc. has a 1-year low of $29.17 and a 1-year high of $62.40. The company has a fifty day moving average of $37.93 and a 200 day moving average of $38.57. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of -8.07 and a beta of 1.16.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share 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 period in the prior year, the business earned ($0.81) earnings per share. On average, equities analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

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.