Gabelli Funds LLC Purchases Shares of 15,750 Revolution Medicines, Inc. $RVMD

Key Points

• Gabelli Funds initiated a position of 15,750 Revolution Medicines shares worth approximately $1.53 million. Institutional investors and hedge funds collectively own 94.34% of RVMD, with Vanguard holding more than 16.7 million shares.
• Insiders have sold 132,497 shares valued at roughly $21.5 million over the past 90 days, including sales by insider Mark A. Goldsmith and director Sushil Patel. Insiders currently own 7.60% of the company.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $144.67 price target. RVMD opened at $180.92, near its 52-week high, despite the company reporting a quarterly EPS loss of $2.29 that missed estimates.

Gabelli Funds LLC acquired a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 15,750 shares of the company's stock, valued at approximately $1,532,000.

Several other institutional investors also recently modified their holdings of RVMD. Vanguard Group Inc. boosted its stake in shares of Revolution Medicines by 6.7% during the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after acquiring an additional 1,056,792 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Revolution Medicines by 194.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company's stock valued at $1,696,000 after acquiring an additional 14,062 shares during the period. Mass General Brigham Inc bought a new stake in Revolution Medicines in the 4th quarter valued at $27,407,000. Eagle Health Investments LP acquired a new stake in Revolution Medicines during the 4th quarter valued at $9,231,000. Finally, M&T Bank Corp acquired a new stake in Revolution Medicines during the 4th quarter valued at $52,723,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,020 shares of the business's stock in a transaction dated 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 approximately $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 company's stock in a transaction dated Monday, June 29th. The shares were 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

RVMD has been the subject of a number of research analyst reports. Evercore reaffirmed an "outperform" rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Sanford C. Bernstein began coverage on shares of Revolution Medicines in a research report on Thursday, May 21st. They issued a "market perform" rating and a $151.00 price objective on the stock. Stifel Nicolaus restated a "buy" rating on shares of Revolution Medicines in a research note on Monday, April 20th. Wedbush lifted their target price on shares of Revolution Medicines from $181.00 to $192.10 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Finally, HC Wainwright reiterated a "buy" rating and issued a $195.00 price target on shares of Revolution Medicines in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $144.67.

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $180.92 on Thursday. The firm has a market cap of $38.46 billion, a P/E ratio of -25.59 and a beta of 1.37. The business's 50 day moving average is $171.08 and its 200-day moving average is $133.96. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. Revolution Medicines, Inc. has a 1-year low of $34.00 and a 1-year high of $194.56.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter last year, the company posted ($1.13) earnings per share. Equities research analysts predict that Revolution Medicines, Inc. will post -7.92 earnings per share for the current year.

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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