Intech Investment Management LLC Boosts Stock Position in Revolution Medicines, Inc. $RVMD

Key Points

• Intech Investment Management LLC has increased its holdings in Revolution Medicines, Inc. by 48.8%, owning approximately 107,628 shares valued at about $3.81 million.
• Several institutional investors, including Deutsche Bank AG and Nextech Invest Ltd., have also significantly raised their stakes in Revolution Medicines, indicating strong investor interest.
• The average target price for Revolution Medicines is $73.67, with notable upgrades from analysts, including a boost from Needham & Company from $56 to $66, reflecting a consensus "Buy" rating.

Intech Investment Management LLC lifted its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 48.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,628 shares of the company's stock after acquiring an additional 35,300 shares during the period. Intech Investment Management LLC owned 0.06% of Revolution Medicines worth $3,806,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Lunate Capital Ltd purchased a new stake in shares of Revolution Medicines in the first quarter worth about $77,658,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Revolution Medicines in the first quarter worth about $59,173,000. Nextech Invest Ltd. lifted its position in shares of Revolution Medicines by 20.7% in the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock worth $332,472,000 after buying an additional 1,304,347 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Revolution Medicines by 18,248.8% in the first quarter. Westfield Capital Management Co. LP now owns 1,064,046 shares of the company's stock worth $37,625,000 after buying an additional 1,058,247 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Revolution Medicines by 8.9% in the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock worth $416,821,000 after buying an additional 966,230 shares in the last quarter. Institutional investors own 94.34% of the company's stock.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.08, for a total transaction of $4,408,000.00. Following the completion of the sale, the insider directly owned 289,414 shares in the company, valued at approximately $12,757,369.12. The trade was a 25.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jack Anders sold 5,238 shares of the business's stock in a transaction that occurred on 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 owned 113,314 shares of the company's stock, 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. In the last three months, insiders have sold 163,033 shares of company stock worth $7,242,708. Insiders own 8.20% of the company's stock.

Revolution Medicines Stock Up 3.2%

Shares of Revolution Medicines stock traded up $1.41 during trading on Thursday, reaching $45.22. The company's stock had a trading volume of 1,764,773 shares, compared to its average volume of 2,076,130. The company has a 50-day simple moving average of $38.54 and a two-hundred day simple moving average of $38.33. Revolution Medicines, Inc. has a 1-year low of $29.17 and a 1-year high of $62.40. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. The company has a market cap of $8.45 billion, a price-to-earnings ratio of -10.05 and a beta of 1.12.

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

Analyst Ratings Changes

RVMD has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Revolution Medicines from $65.00 to $73.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Guggenheim restated a "buy" rating and set a $80.00 price objective on shares of Revolution Medicines in a research report on Wednesday, June 25th. Lifesci Capital assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They set an "outperform" rating and a $80.00 price objective on the stock. Piper Sandler assumed coverage on Revolution Medicines in a research report on Monday, August 18th. They set an "overweight" rating and a $75.00 price objective on the stock. Finally, Truist Financial initiated coverage on Revolution Medicines in a research report on Friday, September 5th. They set a "buy" rating and a $99.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to MarketBeat, Revolution Medicines currently has an average rating of "Buy" and a consensus price target of $73.67.

Revolution Medicines Company Profile

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.