Bank of New York Mellon Corp Raises Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Bank of New York Mellon Corp grew its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 2.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 582,721 shares of the company's stock after acquiring an additional 13,706 shares during the period. Bank of New York Mellon Corp owned about 0.31% of Revolution Medicines worth $20,605,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new stake in shares of Revolution Medicines in the 4th quarter valued at approximately $750,000. Farther Finance Advisors LLC grew its holdings in shares of Revolution Medicines by 368.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock valued at $90,000 after buying an additional 1,613 shares during the period. Swiss National Bank grew its position in Revolution Medicines by 2.0% in the fourth quarter. Swiss National Bank now owns 229,931 shares of the company's stock valued at $10,057,000 after purchasing an additional 4,400 shares in the last quarter. Cibc World Markets Corp acquired a new stake in shares of Revolution Medicines during the 4th quarter worth about $685,000. Finally, Xponance Inc. increased its holdings in Revolution Medicines by 21.4% in the 4th quarter. Xponance Inc. now owns 12,127 shares of the company's stock valued at $530,000 after buying an additional 2,140 shares during the period. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Trading Up 1.7%

NASDAQ RVMD opened at $39.05 on Friday. The stock has a market cap of $7.27 billion, a PE ratio of -9.76 and a beta of 1.06. Revolution Medicines, Inc. has a twelve month low of $29.17 and a twelve month high of $62.40. The stock has a fifty day simple moving average of $39.16 and a 200-day simple moving average of $39.34.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same period in the prior year, the business earned ($0.70) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RVMD shares. HC Wainwright restated a "buy" rating and set a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Wedbush restated an "outperform" rating and set a $73.00 target price (up previously from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. Oppenheimer upped their price target on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Needham & Company LLC restated a "buy" rating and issued a $57.00 price target on shares of Revolution Medicines in a research note on Tuesday, June 24th. Finally, The Goldman Sachs Group initiated coverage on Revolution Medicines in a research report on Tuesday. They set a "buy" rating and a $65.00 target price for the company. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $68.91.

Revolution Medicines 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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