Lunate Capital Ltd Invests $77.66 Million in Revolution Medicines, Inc. (NASDAQ:RVMD)

Lunate Capital Ltd acquired a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,196,200 shares of the company's stock, valued at approximately $77,658,000. Revolution Medicines makes up 45.4% of Lunate Capital Ltd's portfolio, making the stock its largest holding. Lunate Capital Ltd owned approximately 1.18% of Revolution Medicines as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in RVMD. IFP Advisors Inc purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $34,000. Sterling Capital Management LLC boosted its stake in shares of Revolution Medicines by 588.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company's stock valued at $86,000 after purchasing an additional 1,672 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Revolution Medicines by 368.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock valued at $90,000 after purchasing an additional 1,613 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $104,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Revolution Medicines in the fourth quarter valued at $154,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wedbush restated an "outperform" rating and issued a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. Needham & Company LLC restated a "buy" rating and issued a $57.00 target price on shares of Revolution Medicines in a research note on Tuesday, June 24th. Guggenheim restated a "buy" rating and issued a $80.00 target price on shares of Revolution Medicines in a research note on Wednesday. Oppenheimer upped their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Finally, HC Wainwright reiterated a "buy" rating and set a $72.00 price objective (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $67.58.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $36.91 on Friday. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -9.23 and a beta of 1.10. Revolution Medicines, Inc. has a 1-year low of $29.17 and a 1-year high of $62.40. The company's fifty day moving average is $39.61 and its two-hundred day moving average is $39.95.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same period in the prior year, the business earned ($0.70) EPS. Sell-side analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Revolution Medicines 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.

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