Corient Private Wealth LP Acquires New Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Corient Private Wealth acquired 8,137 shares of Revolution Medicines in the second quarter, valued at approximately $1.52 million. Institutional investors collectively own 94.34% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $200.74; several firms recently raised targets, including Needham to $275 and Evercore at $320.
• RVMD opened at $210.87 and has risen sharply from its 52-week low of $38.49, but the company reported a quarterly EPS loss of $3.06, worse than the expected $2.04 loss. Insiders have sold approximately $49.6 million of stock over the past three months.

Corient Private Wealth LP bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,137 shares of the company's stock, valued at approximately $1,523,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. acquired a new stake in shares of Revolution Medicines in the 2nd quarter valued at about $32,000. ABS Investment Management LLC acquired a new position in shares of Revolution Medicines during the second quarter worth about $337,104,000. Johnson Financial Group Inc. acquired a new position in shares of Revolution Medicines during the second quarter worth about $37,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Revolution Medicines during the second quarter worth about $41,000. Finally, Silvant Capital Management LLC bought a new position in shares of Revolution Medicines during the second quarter worth about $41,000. Institutional investors own 94.34% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Needham & Company LLC boosted their target price on Revolution Medicines from $240.00 to $275.00 and gave the company a "buy" rating in a research note on Monday. Evercore reaffirmed an "outperform" rating and set a $320.00 price target on shares of Revolution Medicines in a research note on Thursday, August 27th. Mizuho lifted their price objective on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an "outperform" rating in a report on Monday, July 6th. TD Cowen raised shares of Revolution Medicines to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Two research 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's stock. According to data from MarketBeat, Revolution Medicines presently has an average rating of "Moderate Buy" and a consensus target price of $200.74.

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $210.87 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The stock's 50-day simple moving average is $196.37 and its 200 day simple moving average is $152.11. The company has a market cap of $45.20 billion, a P/E ratio of -23.91 and a beta of 1.40. Revolution Medicines, Inc. has a 52-week low of $38.49 and a 52-week high of $224.31.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period last year, the company posted ($1.31) earnings per share. As a group, sell-side analysts forecast that Revolution Medicines, Inc. will post -8.84 EPS for the current fiscal year.

Insider Activity

In other news, 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 value of $1,048,984.20. Following the completion of the sale, the director owned 21,656 shares of the company's stock, valued at approximately $4,071,111.44. This represents a 20.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark A. Goldsmith sold 80,000 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the completion of the transaction, the insider directly owned 267,330 shares of the company's stock, valued at $55,925,436. This represents a 23.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 268,497 shares of company stock worth $49,587,926. Corporate insiders own 7.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source