Fifth Third Bancorp Acquires 9,601 Shares of Revolution Medicines, Inc. $RVMD

Key Points

• Fifth Third Bancorp increased its Revolution Medicines stake by 8,972.9% in the first quarter, adding 9,601 shares to own 9,708 shares valued at approximately $944,000.
• Institutional ownership remains very high at 94.34%, with Norges Bank, Avoro Capital, UBS, Polar Capital and Adage Capital among investors recently building substantial positions.
• Revolution Medicines reported a quarterly loss of $2.29 per share, missing estimates of $1.83, while analysts maintain a consensus “Moderate Buy” rating despite recent insider selling and a $144.67 average price target.

Fifth Third Bancorp lifted its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 8,972.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,708 shares of the company's stock after buying an additional 9,601 shares during the quarter. Fifth Third Bancorp's holdings in Revolution Medicines were worth $944,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RVMD. Norges Bank purchased a new stake in Revolution Medicines in the fourth quarter worth about $195,568,000. Avoro Capital Advisors LLC purchased a new position in shares of Revolution Medicines during the fourth quarter valued at approximately $172,840,000. UBS Group AG lifted its holdings in shares of Revolution Medicines by 183.6% during the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company's stock valued at $245,954,000 after purchasing an additional 1,998,972 shares during the last quarter. Polar Capital Holdings Plc boosted its position in shares of Revolution Medicines by 321.2% in the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company's stock worth $160,398,000 after purchasing an additional 1,535,686 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Revolution Medicines by 197.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company's stock worth $175,672,000 after purchasing an additional 1,463,155 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $189.23 on Monday. The firm has a market cap of $40.23 billion, a P/E ratio of -26.77 and a beta of 1.37. Revolution Medicines, Inc. has a twelve month low of $34.00 and a twelve month high of $193.82. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average of $168.87 and a 200 day moving average of $132.11.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the firm posted ($1.13) earnings per share. As a group, research analysts expect that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Sushil Patel sold 5,580 shares of Revolution Medicines stock in a transaction that occurred on Monday, June 29th. The shares were 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 directly owned 21,656 shares in the company, valued at $4,071,111.44. The trade was a 20.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stephen Michael Kelsey sold 4,175 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 transaction of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company's stock, valued at $45,567,681.12. The trade was a 1.41% 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 have 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

A number of research analysts recently weighed in on RVMD shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Mizuho boosted their target price on Revolution Medicines from $185.00 to $215.00 and gave the stock an "outperform" rating in a report on Monday, July 6th. Royal Bank Of Canada increased their target price on Revolution Medicines from $165.00 to $182.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. Evercore restated an "outperform" rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $195.00 price target on shares of Revolution Medicines in a research report on Monday, July 6th. Two analysts have 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $144.67.

About Revolution Medicines

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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