Connor Clark & Lunn Investment Management Ltd. Sells 28,639 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Revolution Medicines, Inc. by 13.7%, selling 28,639 shares and now owns 179,762 shares valued at approximately $6.36 million.
• Other institutional investors, including Swiss National Bank and Westfield Capital Management, increased their holdings in Revolution Medicines significantly, with Westfield growing its stake by 18,248.8% during the first quarter.
• Revolution Medicines reported a quarterly loss of ($1.31) per share, which was below analysts' expectations, while the stock currently holds a consensus rating of "Buy" with an average price target of $68.82.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 13.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 179,762 shares of the company's stock after selling 28,639 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of Revolution Medicines worth $6,356,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RVMD. Sterling Capital Management LLC increased its holdings in shares of Revolution Medicines by 588.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company's stock valued at $86,000 after acquiring an additional 1,672 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $104,000. GF Fund Management CO. LTD. bought a new stake in shares of Revolution Medicines during the fourth quarter valued at approximately $154,000. Goodman Advisory Group LLC bought a new stake in shares of Revolution Medicines during the first quarter valued at approximately $127,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of Revolution Medicines by 11.4% during the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock valued at $186,000 after acquiring an additional 434 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Stock Performance

RVMD stock traded up $0.30 during midday trading on Friday, hitting $36.32. The company's stock had a trading volume of 1,391,929 shares, compared to its average volume of 1,886,910. The stock's 50-day moving average price is $37.93 and its 200 day moving average price is $38.57. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of -8.07 and a beta of 1.16.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same quarter in the previous year, the firm earned ($0.81) earnings per share. The business's quarterly revenue was up .0% compared to the same quarter last year. On average, equities analysts forecast that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several recent research reports. Wells Fargo & Company started coverage on Revolution Medicines in a report on Friday. They set an "overweight" rating and a $67.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and set a $73.00 target price (up previously from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. The Goldman Sachs Group started coverage on Revolution Medicines in a research report on Tuesday, July 15th. They set a "buy" rating and a $65.00 target price on the stock. Guggenheim reaffirmed a "buy" rating and set a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. Finally, HC Wainwright reaffirmed 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. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Revolution Medicines presently has an average rating of "Buy" and an average target price of $68.67.

Revolution Medicines Company 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.