Lord Abbett & CO. LLC Reduces Holdings in Revolution Medicines, Inc. $RVMD

Key Points

• Lord Abbett & CO. LLC reduced its stake in Revolution Medicines by 81.4%, resulting in ownership of 367,630 shares worth approximately $13 million.
• Institutional investors own 94.34% of Revolution Medicines, with various hedge funds significantly altering their positions in the company's stock.
• The stock has received an average rating of "Buy" from analysts, with a consensus target price of $68.67, despite recent earnings missing consensus estimates.

Lord Abbett & CO. LLC decreased its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 81.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 367,630 shares of the company's stock after selling 1,611,090 shares during the quarter. Lord Abbett & CO. LLC owned 0.20% of Revolution Medicines worth $13,000,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RVMD. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Revolution Medicines by 11.0% during 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 period. Russell Investments Group Ltd. increased its position in shares of Revolution Medicines by 11.4% during the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock worth $186,000 after acquiring an additional 434 shares during the period. SG Americas Securities LLC increased its position in shares of Revolution Medicines by 516.0% during the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock worth $640,000 after acquiring an additional 15,164 shares during the period. Wells Fargo & Company MN increased its position in shares of Revolution Medicines by 51.8% during the fourth quarter. Wells Fargo & Company MN now owns 88,327 shares of the company's stock worth $3,863,000 after acquiring an additional 30,155 shares during the period. Finally, Baker BROS. Advisors LP increased its position in shares of Revolution Medicines by 4.9% during the fourth quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company's stock worth $347,163,000 after acquiring an additional 367,882 shares during the period. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Performance

RVMD stock traded up $0.13 during trading on Monday, hitting $36.45. The company had a trading volume of 1,958,128 shares, compared to its average volume of 1,849,430. The firm has a market cap of $6.81 billion, a PE ratio of -8.10 and a beta of 1.16. Revolution Medicines, Inc. has a 1-year low of $29.17 and a 1-year high of $62.40. The firm has a 50-day moving average price of $37.84 and a 200-day moving average price of $38.49. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13.

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). The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.81) EPS. On average, analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RVMD shares. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Wedbush reiterated an "outperform" rating and set a $73.00 target price (up previously from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. The Goldman Sachs Group began coverage on shares of Revolution Medicines in a research note on Tuesday, July 15th. They set a "buy" rating and a $65.00 target price for the company. Oppenheimer boosted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC lowered their target price on shares of Revolution Medicines from $57.00 to $56.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Revolution Medicines currently has a consensus rating of "Buy" and an average target price of $69.54.

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.