Bank of New York Mellon Corp Acquires 13,706 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Bank of New York Mellon Corp grew its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 0.31% of Revolution Medicines worth $20,605,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RVMD. Proficio Capital Partners LLC purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $750,000. Farther Finance Advisors LLC lifted its stake 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 purchasing an additional 1,613 shares during the last quarter. Swiss National Bank lifted its stake in shares of Revolution Medicines by 2.0% in the 4th 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 during the last quarter. Cibc World Markets Corp acquired a new stake in shares of Revolution Medicines in the 4th quarter valued at $685,000. Finally, Xponance Inc. lifted its stake in shares of 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 purchasing an additional 2,140 shares during the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RVMD has been the subject of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $72.00 target price (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Wedbush reaffirmed an "outperform" rating and set a $73.00 price objective (up previously from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. Guggenheim reaffirmed a "buy" rating and set a $80.00 price objective on shares of Revolution Medicines in a research report on Wednesday, June 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $57.00 price objective on shares of Revolution Medicines in a research report on Tuesday, June 24th. Finally, Oppenheimer upped their price objective 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. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Revolution Medicines presently has an average rating of "Buy" and a consensus price target of $68.91.

Revolution Medicines Stock Performance

Revolution Medicines stock traded up $0.12 during trading hours on Monday, hitting $38.42. 1,671,661 shares of the stock were exchanged, compared to its average volume of 1,624,895. The stock has a market capitalization of $7.16 billion, a P/E ratio of -9.61 and a beta of 1.06. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $62.40. The business's 50-day moving average is $39.11 and its two-hundred day moving average is $39.23.

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

About Revolution Medicines

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.