Westfield Capital Management Co. LP Buys 1,058,247 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Key Points

• Westfield Capital Management Co. LP significantly increased its holdings in Revolution Medicines, raising its stake by 18,248.8% to own over 1 million shares valued at approximately $37.6 million.
• Other institutional investors, including Farallon Capital Management LLC and Janus Henderson Group PLC, also boosted their holdings during the fourth quarter, contributing to a total of 94.34% of the company’s stock owned by institutional investors.
• The average price target from equity analysts for Revolution Medicines is $68.91, with multiple firms maintaining "buy" ratings amid fluctuating earnings reports.

Westfield Capital Management Co. LP lifted its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 18,248.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,064,046 shares of the company's stock after buying an additional 1,058,247 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.57% of Revolution Medicines worth $37,625,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RVMD. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Revolution Medicines by 11.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock valued at $232,000 after purchasing an additional 615 shares during the period. Russell Investments Group Ltd. increased its stake in Revolution Medicines by 11.4% in the 4th 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. SG Americas Securities LLC raised its holdings in shares of Revolution Medicines by 516.0% in the 1st quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock valued at $640,000 after acquiring an additional 15,164 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Revolution Medicines by 51.8% during the 4th quarter. Wells Fargo & Company MN now owns 88,327 shares of the company's stock valued at $3,863,000 after acquiring an additional 30,155 shares during the last quarter. Finally, Baker BROS. Advisors LP grew its holdings 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 purchasing an additional 367,882 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Stock Performance

NASDAQ:RVMD traded down $1.72 during midday trading on Thursday, reaching $34.95. 3,793,906 shares of the stock traded hands, compared to its average volume of 1,457,207. The stock has a market capitalization of $6.51 billion, a P/E ratio of -7.77 and a beta of 1.16. The company has a fifty day moving average of $38.52 and a 200 day moving average of $38.80. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). During the same quarter in the previous year, the company earned ($0.81) EPS. The firm's revenue for the quarter was up .0% on a year-over-year basis. On average, analysts predict that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Analyst Ratings Changes

RVMD has been the subject of several research analyst reports. Wedbush reiterated an "outperform" rating and set a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. Guggenheim reiterated a "buy" rating and issued a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. The Goldman Sachs Group assumed coverage on Revolution Medicines in a research report on Tuesday, July 15th. They set a "buy" rating and a $65.00 price target on the stock. Needham & Company LLC decreased their price objective on Revolution Medicines from $57.00 to $56.00 and set a "buy" rating on the stock in a report on Thursday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $72.00 target price (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $68.82.

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.