California State Teachers Retirement System Boosts Stock Holdings in Revolution Medicines, Inc. $RVMD

California State Teachers Retirement System lifted its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 26,920.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,659,351 shares of the company's stock after acquiring an additional 44,494,074 shares during the period. California State Teachers Retirement System owned approximately 20.84% of Revolution Medicines worth $8,363,803,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RVMD. Contravisory Investment Management Inc. bought a new position in Revolution Medicines in the 2nd quarter valued at approximately $32,000. ABS Investment Management LLC bought a new stake in shares of Revolution Medicines in the 2nd quarter worth $337,104,000. Johnson Financial Group Inc. purchased a new position in shares of Revolution Medicines in the second quarter worth $37,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Revolution Medicines in the second quarter worth $41,000. Finally, Silvant Capital Management LLC purchased a new position in shares of Revolution Medicines in the second quarter worth $41,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Stock Performance

RVMD stock opened at $207.32 on Wednesday. The company has a market cap of $44.44 billion, a P/E ratio of -23.51 and a beta of 1.40. Revolution Medicines, Inc. has a 1 year low of $39.73 and a 1 year high of $224.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. The stock's fifty day moving average price is $197.68 and its 200-day moving average price is $154.44.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued 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 in the prior year, the company earned ($1.31) earnings per share. On average, equities analysts forecast that Revolution Medicines, Inc. will post -8.83 earnings per share for the current year.

Analysts Set New Price Targets

RVMD has been the topic of several recent analyst reports. Royal Bank Of Canada increased their price objective on Revolution Medicines from $203.00 to $251.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Needham & Company LLC boosted their target price on Revolution Medicines from $240.00 to $275.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Sanford C. Bernstein upped their target price 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, August 21st. Evercore reaffirmed an "outperform" rating and set a $320.00 price target on shares of Revolution Medicines in a report on Thursday, August 27th. Finally, Guggenheim lifted their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $200.74.

Insiders Place Their Bets

In other news, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $160.17, for a total value of $9,674,268.00. Following the transaction, the chief operating officer owned 158,222 shares in the company, valued at $25,342,417.74. This represents a 27.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sushil Patel sold 5,580 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the completion of the transaction, the director owned 21,656 shares in the company, valued at $4,071,111.44. This trade represents a 20.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 268,497 shares of company stock valued at $49,587,926. 7.60% of the stock is currently owned by company insiders.

Revolution Medicines Company 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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