Bank of Nova Scotia Takes $13.84 Million Position in Revolution Medicines, Inc. $RVMD

Bank of Nova Scotia purchased a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 73,879 shares of the company's stock, valued at approximately $13,836,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alphabet Inc. bought a new position in shares of Revolution Medicines during the 2nd quarter worth $551,843,000. Norges Bank acquired a new stake in Revolution Medicines in the fourth quarter valued at approximately $195,568,000. Avoro Capital Advisors LLC acquired a new stake in Revolution Medicines in the fourth quarter worth about $172,840,000. UBS Group AG grew its position in Revolution Medicines by 183.6% during the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company's stock worth $245,954,000 after purchasing an additional 1,998,972 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its stake in Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company's stock valued at $160,398,000 after purchasing an additional 1,535,686 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

Insider Activity

In related news, insider Stephen Michael Kelsey sold 4,175 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the sale, the insider directly owned 291,876 shares of the company's stock, valued at $45,567,681.12. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the completion of the sale, the insider owned 267,330 shares of the company's stock, valued at $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. 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. Insiders sold 132,497 shares of company stock worth $21,470,486 in the last quarter. Insiders own 7.60% of the company's stock.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Revolution Medicines in a research note on Friday, July 17th. Royal Bank Of Canada lifted their target price on shares of Revolution Medicines from $182.00 to $203.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Needham & Company LLC upped their price objective on shares of Revolution Medicines from $236.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Sanford C. Bernstein increased their price target on shares of Revolution Medicines from $151.00 to $179.00 and gave the company a "market perform" rating in a research note on Friday. Finally, Oppenheimer reiterated an "outperform" rating and issued a $230.00 price objective on shares of Revolution Medicines in a report on Thursday, August 6th. One equities research 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $167.89.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $211.58 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. Revolution Medicines, Inc. has a 1-year low of $35.62 and a 1-year high of $220.34. The firm has a market cap of $45.35 billion, a price-to-earnings ratio of -23.99 and a beta of 1.39. The firm's fifty day moving average price is $189.02 and its 200 day moving average price is $145.65.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings data 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) EPS. On average, sell-side analysts expect that Revolution Medicines, Inc. will post -8.82 EPS for the current year.

Revolution Medicines Profile

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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