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

Several other hedge funds have also bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in Revolution Medicines by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,221 shares of the company's stock worth $232,000 after buying an additional 615 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Revolution Medicines by 11.4% in the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock worth $186,000 after buying an additional 434 shares during the last quarter. SG Americas Securities LLC raised its holdings in Revolution Medicines by 516.0% in the first quarter. SG Americas Securities LLC now owns 18,103 shares of the company's stock worth $640,000 after buying an additional 15,164 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Revolution Medicines by 51.8% in the fourth quarter. Wells Fargo & Company MN now owns 88,327 shares of the company's stock worth $3,863,000 after buying an additional 30,155 shares during the last quarter. Finally, Baker BROS. Advisors LP raised 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 valued at $347,163,000 after purchasing an additional 367,882 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Performance

RVMD stock traded up $0.05 during trading on Friday, reaching $35.00. The company had a trading volume of 3,790,283 shares, compared to its average volume of 1,570,847. The firm has a 50-day simple moving average of $38.42 and a 200-day simple moving average of $38.77. The company has a market cap of $6.54 billion, a price-to-earnings ratio of -7.78 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 13.46 and a current ratio of 11.79. Revolution Medicines, Inc. has a twelve month low of $29.17 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). Revolution Medicines's revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.81) EPS. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RVMD. HC Wainwright reissued a "buy" rating and set a $72.00 price objective (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Guggenheim reissued a "buy" rating and set a $80.00 price objective on shares of Revolution Medicines in a report on Wednesday, June 25th. Wedbush reissued an "outperform" rating and set a $73.00 price objective (up from $67.00) on shares of Revolution Medicines in a report on Tuesday, June 24th. Needham & Company LLC decreased their price objective on shares of Revolution Medicines from $57.00 to $56.00 and set a "buy" rating for the company in a report on Thursday. Finally, Oppenheimer boosted their price objective on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $68.82.

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.