Edgestream Partners L.P. Grows Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Edgestream Partners L.P. lifted its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 2,673.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,717 shares of the company's stock after buying an additional 207,938 shares during the period. Edgestream Partners L.P. owned about 0.12% of Revolution Medicines worth $7,628,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RVMD. Proficio Capital Partners LLC purchased a new position in Revolution Medicines in the fourth quarter worth $750,000. Raymond James Financial Inc. bought a new stake in shares of Revolution Medicines during the 4th quarter valued at $14,067,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Revolution Medicines by 25.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,846 shares of the company's stock valued at $1,349,000 after purchasing an additional 6,284 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Revolution Medicines by 521.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company's stock valued at $165,000 after purchasing an additional 3,178 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in shares of Revolution Medicines by 368.3% during the 4th 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. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Trading Down 1.5%

Shares of RVMD traded down $0.56 during midday trading on Tuesday, reaching $37.81. The stock had a trading volume of 1,574,754 shares, compared to its average volume of 1,630,933. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of -9.45 and a beta of 1.06. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $62.40. The company's 50-day moving average is $39.20 and its 200 day moving average is $39.37.

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 the consensus estimate of ($1.12) by ($0.01). During the same quarter in the prior year, the firm posted ($0.70) earnings per share. Research analysts forecast that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RVMD. HC Wainwright restated a "buy" rating and issued a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. 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. 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. The Goldman Sachs Group began coverage on Revolution Medicines in a research note on Tuesday. They issued a "buy" rating and a $65.00 target price on the stock. Finally, Stifel Nicolaus decreased their target price on Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Revolution Medicines presently has an average rating of "Buy" and an average price target of $67.75.

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.