Korea Investment CORP Purchases New Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Korea Investment CORP acquired a new 60,100-share stake in Revolution Medicines during the second quarter, valued at approximately $11.3 million. Institutional investors collectively own 94.34% of the company.
• Revolution Medicines reported a quarterly loss of $3.06 per share, missing the analyst consensus estimate of a $2.04 loss. Insiders have sold 132,497 shares worth approximately $21.5 million over the past 90 days.
• Analyst sentiment remains broadly positive, with an overall “Moderate Buy” rating and several firms raising price targets, including Truist Financial’s increase to $231. The stock recently opened at $211.58, near its 52-week high of $220.34.

Korea Investment CORP acquired a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 60,100 shares of the company's stock, valued at approximately $11,256,000.

Other hedge funds have also added to or reduced their stakes in the company. Nextech Invest Ltd. grew its position in shares of Revolution Medicines by 20.7% during 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 period. Millennium Management LLC raised its holdings in shares of Revolution Medicines by 681.8% in the 1st quarter. Millennium Management LLC now owns 156,353 shares of the company's stock worth $5,529,000 after purchasing an additional 136,353 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Revolution Medicines by 14.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company's stock worth $10,615,000 after purchasing an additional 37,345 shares during the period. Invesco Ltd. lifted its stake in Revolution Medicines by 19.3% in the second quarter. Invesco Ltd. now owns 227,019 shares of the company's stock valued at $8,352,000 after purchasing an additional 36,760 shares during the last quarter. Finally, Jump Financial LLC lifted its stake in Revolution Medicines by 87.9% in the second quarter. Jump Financial LLC now owns 15,258 shares of the company's stock valued at $561,000 after purchasing an additional 7,137 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

Insider Activity at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider directly owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the completion of the sale, the chief financial officer directly owned 123,269 shares in the company, valued at approximately $20,749,870.77. The trade was a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 132,497 shares of company stock worth $21,470,486 in the last 90 days. 7.60% of the stock is owned by company insiders.

Revolution Medicines Stock Up 1.0%

Revolution Medicines stock opened at $211.58 on Tuesday. Revolution Medicines, Inc. has a 1-year low of $35.62 and a 1-year high of $220.34. The firm has a market capitalization of $45.35 billion, a price-to-earnings ratio of -23.99 and a beta of 1.39. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The firm has a 50 day simple moving average of $189.02 and a 200 day simple moving average of $145.65.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the previous year, the firm posted ($1.31) earnings per share. On average, analysts predict that Revolution Medicines, Inc. will post -8.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on RVMD shares. HC Wainwright reissued a "buy" rating and issued a $195.00 target price on shares of Revolution Medicines in a research report on Monday, July 6th. Wolfe Research reaffirmed an "outperform" rating and set a $220.00 price target on shares of Revolution Medicines in a research report on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Revolution Medicines in a report on Friday, July 17th. Royal Bank Of Canada lifted their price objective on Revolution Medicines from $182.00 to $203.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Finally, Truist Financial boosted their price objective on Revolution Medicines from $210.00 to $231.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $167.89.

Revolution Medicines Company Profile

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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