Harbor Capital Advisors Inc. Buys 22,906 Shares of Revolution Medicines, Inc. $RVMD

Key Points

• Harbor Capital Advisors Inc. increased its stake in Revolution Medicines by 64.7%, acquiring an additional 22,906 shares, bringing its total ownership to 58,323 shares valued at approximately $2.1 million.
• Significant investments by other institutional investors include Lunate Capital Ltd and T. Rowe Price, with total institutional ownership now at 94.34%.
• Analyst ratings are positive, with several firms assigning "buy" or "overweight" ratings and setting price targets between $70.00 and $99.00 for Revolution Medicines, indicating strong market confidence.

Harbor Capital Advisors Inc. increased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 64.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 58,323 shares of the company's stock after purchasing an additional 22,906 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Revolution Medicines were worth $2,146,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Lunate Capital Ltd bought a new position in Revolution Medicines in the 1st quarter valued at $77,658,000. T. Rowe Price Investment Management Inc. bought a new position in Revolution Medicines in the 1st quarter valued at $59,173,000. Nextech Invest Ltd. grew its position in Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock valued at $332,472,000 after acquiring an additional 1,304,347 shares during the last quarter. Westfield Capital Management Co. LP grew its position in Revolution Medicines by 18,248.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,064,046 shares of the company's stock valued at $37,625,000 after acquiring an additional 1,058,247 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Revolution Medicines by 8.9% in the 1st quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock valued at $416,821,000 after acquiring an additional 966,230 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on RVMD shares. Piper Sandler started coverage on Revolution Medicines in a research report on Monday, August 18th. They issued an "overweight" rating and a $75.00 price objective on the stock. Guggenheim reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Revolution Medicines in a research report on Wednesday, June 25th. Raymond James Financial started coverage on Revolution Medicines in a research report on Friday, September 12th. They issued a "strong-buy" rating and a $72.00 price objective on the stock. Wells Fargo & Company upped their target price on Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Finally, Truist Financial started coverage on Revolution Medicines in a report on Friday, September 5th. They issued a "buy" rating and a $99.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. According to data from MarketBeat, Revolution Medicines presently has an average rating of "Buy" and a consensus price target of $73.67.

Insider Activity

In related news, insider Stephen Michael Kelsey sold 25,000 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $45.97, for a total transaction of $1,149,250.00. Following the sale, the insider directly owned 289,414 shares of the company's stock, valued at $13,304,361.58. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jack Anders sold 5,238 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total value of $210,410.46. Following the sale, the chief financial officer directly owned 113,314 shares in the company, valued at approximately $4,551,823.38. This trade represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 135,000 shares of company stock worth $5,958,236. 8.20% of the stock is owned by corporate insiders.

Revolution Medicines Stock Down 2.0%

Shares of RVMD stock opened at $43.81 on Thursday. The stock's 50-day simple moving average is $38.40 and its 200-day simple moving average is $38.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. The firm has a market capitalization of $8.19 billion, a PE ratio of -9.74 and a beta of 1.12. Revolution Medicines, Inc. has a fifty-two week low of $29.17 and a fifty-two week high of $62.40.

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

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.

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