Granahan Investment Management LLC Has $4.48 Million Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Granahan Investment Management LLC increased its stake in Revolution Medicines by 6.1%, acquiring an additional 7,322 shares, bringing its total holdings to 126,752 shares valued at approximately $4.48 million.
• Several other institutional investors also enhanced their positions in Revolution Medicines, with SG Americas Securities LLC significantly increasing its stake by 516.0% during the 1st quarter.
• Wall Street analysts are generally optimistic about Revolution Medicines, with an average rating of "Buy" and a target price of $69.92, indicating strong future growth potential.

Granahan Investment Management LLC lifted its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,752 shares of the company's stock after acquiring an additional 7,322 shares during the quarter. Granahan Investment Management LLC owned approximately 0.07% of Revolution Medicines worth $4,482,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Revolution Medicines by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock worth $232,000 after acquiring an additional 615 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Revolution Medicines by 516.0% in the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock worth $640,000 after purchasing an additional 15,164 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Revolution Medicines by 349.7% in the first quarter. PNC Financial Services Group Inc. now owns 4,524 shares of the company's stock worth $160,000 after purchasing an additional 3,518 shares in the last quarter. Lunate Capital Ltd bought a new stake in Revolution Medicines in the first quarter worth $77,658,000. Finally, MPM Bioimpact LLC boosted its holdings in Revolution Medicines by 7.7% in the fourth quarter. MPM Bioimpact LLC now owns 313,817 shares of the company's stock worth $13,726,000 after purchasing an additional 22,426 shares in the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total value of $210,410.46. Following the completion of the transaction, the chief financial officer owned 113,314 shares of the company's stock, valued at $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by company insiders.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD traded up $1.55 during mid-day trading on Friday, hitting $40.50. The company had a trading volume of 1,705,576 shares, compared to its average volume of 1,847,927. The company has a debt-to-equity ratio of 0.13, a current ratio of 11.79 and a quick ratio of 11.79. The business's 50-day simple moving average is $37.33 and its 200-day simple moving average is $38.08. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $62.40. The firm has a market cap of $7.57 billion, a P/E ratio of -9.00 and a beta of 1.12.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RVMD. HC Wainwright reiterated a "buy" rating and issued a $72.00 price objective (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Lifesci Capital initiated coverage on shares of Revolution Medicines in a report on Monday, August 18th. They issued an "outperform" rating and a $80.00 price objective for the company. Guggenheim restated a "buy" rating and set a $80.00 price target on shares of Revolution Medicines in a report on Wednesday, June 25th. Wedbush restated an "outperform" rating and set a $73.00 price target (up from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. Finally, Truist Financial initiated coverage on shares of Revolution Medicines in a report on Friday. They set a "buy" rating and a $99.00 price target for the company. Fourteen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Revolution Medicines has an average rating of "Buy" and a consensus price target of $72.00.

About Revolution Medicines

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.