Resona Asset Management Co. Ltd. Acquires New Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Resona Asset Management initiated a new position in Revolution Medicines during the first quarter, buying 41,680 shares valued at about $4.0 million. The filing comes amid heavy institutional interest, with about 94% of the stock owned by institutions.
• Wall Street analysts remain broadly positive on RVMD, with several firms raising price targets in recent reports. The stock currently carries a consensus Moderate Buy rating and an average target price of $144.00.
• Insiders have been selling shares recently, including director Sushil Patel and CFO Jack Anders, who both reduced their holdings in June. Revolution Medicines also reported a wider-than-expected quarterly loss, missing EPS estimates for the period.

Resona Asset Management Co. Ltd. bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 41,680 shares of the company's stock, valued at approximately $4,024,000.

Several other institutional investors and hedge funds have also made changes to their positions in RVMD. Norges Bank purchased a new position in Revolution Medicines in the 4th quarter worth about $195,568,000. Avoro Capital Advisors LLC purchased a new stake in Revolution Medicines in the 4th quarter valued at about $172,840,000. UBS Group AG grew its stake in Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company's stock worth $245,954,000 after acquiring an additional 1,998,972 shares in the last quarter. Polar Capital Holdings Plc grew its stake in Revolution Medicines by 321.2% in the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company's stock worth $160,398,000 after acquiring an additional 1,535,686 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Revolution Medicines by 197.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company's stock worth $175,672,000 after acquiring an additional 1,463,155 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RVMD shares. Oppenheimer boosted their price target on Revolution Medicines from $165.00 to $195.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Sanford C. Bernstein initiated coverage on Revolution Medicines in a report on Thursday, May 21st. They set a "market perform" rating and a $151.00 price objective on the stock. Needham & Company LLC lifted their target price on Revolution Medicines from $183.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, June 29th. Truist Financial upped their target price on Revolution Medicines from $179.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Finally, Mizuho increased their price target on Revolution Medicines from $185.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $144.00.

Insider Transactions at Revolution Medicines

In other news, Director Sushil Patel sold 5,580 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director owned 21,656 shares in the company, valued at approximately $4,071,111.44. The trade was a 20.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jack Anders sold 20,000 shares of the company's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares in the company, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 252,497 shares of company stock worth $39,481,286. 7.60% of the stock is currently owned by corporate insiders.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $186.88 on Monday. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $193.82. The firm has a 50 day moving average of $161.23 and a 200 day moving average of $124.78. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $39.73 billion, a price-to-earnings ratio of -26.43 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period last year, the firm earned ($1.13) EPS. As a group, sell-side analysts anticipate that Revolution Medicines, Inc. will post -7.92 earnings per share for the current fiscal year.

About Revolution Medicines

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.

Want to see what other hedge funds are holding RVMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.