Revolution Medicines, Inc. (NASDAQ:RVMD) Position Trimmed by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 21.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,881 shares of the company's stock after selling 92,581 shares during the period. Victory Capital Management Inc. owned about 0.18% of Revolution Medicines worth $11,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sterling Capital Management LLC grew its position in Revolution Medicines by 588.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company's stock valued at $86,000 after purchasing an additional 1,672 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Revolution Medicines in the fourth quarter worth $104,000. Goodman Advisory Group LLC acquired a new position in shares of Revolution Medicines in the first quarter valued at $127,000. GF Fund Management CO. LTD. lifted its position in Revolution Medicines by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 4,307 shares of the company's stock worth $152,000 after purchasing an additional 775 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Revolution Medicines in the fourth quarter worth about $186,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RVMD. Stifel Nicolaus cut their target price on Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and issued a $73.00 price target (up from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. HC Wainwright reissued a "buy" rating and issued a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Guggenheim reissued a "buy" rating and set a $80.00 target price on shares of Revolution Medicines in a research note on Wednesday, June 25th. Finally, The Goldman Sachs Group initiated coverage on Revolution Medicines in a report on Tuesday, July 15th. They issued a "buy" rating and a $65.00 target price for the company. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of "Buy" and a consensus price target of $68.91.

Revolution Medicines Stock Performance

NASDAQ:RVMD traded up $0.68 during trading hours on Friday, reaching $37.90. The company's stock had a trading volume of 1,233,538 shares, compared to its average volume of 1,860,430. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40. The firm has a 50-day simple moving average of $38.93 and a 200-day simple moving average of $39.13. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of -9.48 and a beta of 1.06.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter in the previous year, the firm posted ($0.70) EPS. Equities analysts anticipate that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

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.