Lunate Capital Ltd Buys New Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Lunate Capital Ltd purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,196,200 shares of the company's stock, valued at approximately $77,658,000. Revolution Medicines accounts for approximately 45.4% of Lunate Capital Ltd's portfolio, making the stock its biggest holding. Lunate Capital Ltd owned 1.18% of Revolution Medicines as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in 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 last quarter. Amalgamated Bank lifted its stake in Revolution Medicines by 8.3% in the 4th quarter. Amalgamated Bank now owns 5,707 shares of the company's stock worth $250,000 after purchasing an additional 435 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Revolution Medicines by 5.0% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 11,398 shares of the company's stock worth $498,000 after purchasing an additional 545 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Revolution Medicines by 11.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock worth $232,000 after purchasing an additional 615 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of Revolution Medicines by 2.0% in the fourth quarter. Arizona State Retirement System now owns 33,905 shares of the company's stock valued at $1,483,000 after purchasing an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $57.00 price objective on shares of Revolution Medicines in a research report on Tuesday, June 24th. HC Wainwright reiterated a "buy" rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Stifel Nicolaus lowered their price target on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Guggenheim reissued a "buy" rating and issued a $80.00 price objective on shares of Revolution Medicines in a report on Wednesday, June 25th. Finally, Wedbush reaffirmed an "outperform" rating and set a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $67.58.

Revolution Medicines Stock Up 0.8%

RVMD stock traded up $0.30 during mid-day trading on Wednesday, hitting $37.19. 1,782,589 shares of the company were exchanged, compared to its average volume of 1,668,838. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $62.40. The firm has a market capitalization of $6.93 billion, a P/E ratio of -9.30 and a beta of 1.06. The business has a fifty day simple moving average of $39.61 and a 200-day simple moving average of $39.83.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data 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 previous year, the firm earned ($0.70) EPS. Research analysts predict that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

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.