Alphabet Inc. Makes New Investment in Revolution Medicines, Inc. $RVMD

Alphabet Inc. purchased a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,946,619 shares of the company's stock, valued at approximately $551,843,000. Revolution Medicines comprises approximately 0.6% of Alphabet Inc.'s holdings, making the stock its 6th largest position. Alphabet Inc. owned approximately 1.39% of Revolution Medicines as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Contravisory Investment Management Inc. bought a new position in shares of Revolution Medicines during the second quarter valued at approximately $32,000. Global Retirement Partners LLC boosted its holdings in Revolution Medicines by 1,002.8% during the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company's stock valued at $32,000 after acquiring an additional 361 shares during the period. Torren Management LLC purchased a new position in Revolution Medicines during the 4th quarter valued at $33,000. Arax Advisory Partners bought a new position in Revolution Medicines in the 4th quarter valued at $38,000. Finally, Allworth Financial LP grew its position in Revolution Medicines by 57.2% in the 4th quarter. Allworth Financial LP now owns 577 shares of the company's stock valued at $46,000 after acquiring an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Insider Activity at Revolution Medicines

In related news, insider Stephen Michael Kelsey sold 4,175 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the completion of the transaction, the insider directly owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares of the company's stock, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 132,497 shares of company stock valued at $21,470,486 over the last 90 days. 7.60% of the stock is currently owned by insiders.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $212.00 on Tuesday. The firm's 50 day moving average price is $182.89 and its 200-day moving average price is $141.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. Revolution Medicines, Inc. has a one year low of $35.42 and a one year high of $215.97. The firm has a market cap of $45.44 billion, a P/E ratio of -24.04 and a beta of 1.39.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) 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. As a group, equities research analysts predict that Revolution Medicines, Inc. will post -8.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RVMD. Weiss Ratings reiterated a "sell (d-)" rating on shares of Revolution Medicines in a research note on Friday, July 17th. Stifel Nicolaus reissued a "buy" rating on shares of Revolution Medicines in a research report on Monday, April 20th. Sanford C. Bernstein initiated coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They issued a "market perform" rating and a $151.00 price target on the stock. Piper Sandler lifted their price objective on shares of Revolution Medicines to $172.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Wedbush boosted their price objective on shares of Revolution Medicines from $192.10 to $201.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $166.33.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.

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