Bank of New York Mellon Corp Invests $112.57 Million in Revolution Medicines, Inc. $RVMD

Bank of New York Mellon Corp purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 601,056 shares of the company's stock, valued at approximately $112,566,000. Bank of New York Mellon Corp owned 0.28% of Revolution Medicines as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RVMD. Meeder Advisory Services Inc. lifted its position in shares of Revolution Medicines by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company's stock worth $401,000 after acquiring an additional 120 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Revolution Medicines by 1.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company's stock worth $802,000 after acquiring an additional 125 shares during the period. Deutsche Bank AG grew its position in shares of Revolution Medicines by 0.4% in the fourth quarter. Deutsche Bank AG now owns 32,217 shares of the company's stock valued at $2,566,000 after purchasing an additional 130 shares in the last quarter. Contravisory Investment Management Inc. purchased a new position in shares of Revolution Medicines in the second quarter valued at $32,000. Finally, Allworth Financial LP raised its stake in shares of Revolution Medicines by 57.2% during the 4th quarter. Allworth Financial LP now owns 577 shares of the company's stock valued at $46,000 after purchasing an additional 210 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RVMD has been the topic of a number of recent research reports. Piper Sandler increased their price objective on Revolution Medicines to $172.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a report on Friday, July 17th. Wolfe Research reiterated an "outperform" rating and set a $220.00 price target on shares of Revolution Medicines in a research report on Monday, August 10th. Truist Financial increased their price target on shares of Revolution Medicines from $210.00 to $231.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Royal Bank Of Canada raised their price objective on shares of Revolution Medicines from $182.00 to $203.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $167.89.

Insider Activity

In other news, insider Mark A. Goldsmith sold 10,020 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider owned 267,330 shares of the company's stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company's stock, valued at $45,567,681.12. The trade was a 1.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 132,497 shares of company stock worth $21,470,486. Company insiders own 7.60% of the company's stock.

Revolution Medicines Trading Up 1.0%

Shares of RVMD stock opened at $211.58 on Tuesday. The company has a market capitalization of $45.35 billion, a PE ratio of -23.99 and a beta of 1.39. Revolution Medicines, Inc. has a 52-week low of $35.62 and a 52-week high of $220.34. The business's fifty day moving average is $189.02 and its 200 day moving average is $145.65. 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 (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period last year, the firm posted ($1.31) earnings per share. On average, equities research analysts anticipate that Revolution Medicines, Inc. will post -8.82 EPS for the current fiscal year.

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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