Revolution Medicines, Inc. $RVMD Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Revolution Medicines, Inc. by 8.9% in the first quarter, holding a total of 11,787,921 shares valued at approximately $416.8 million.
• Revolution Medicines' stock is currently trading at $36.45 with a market cap of $6.81 billion and a P/E ratio of -8.10.
• Analysts have issued multiple recommendations on the stock with an average rating of "Buy" and a price target of $69.54, reflecting strong investor interest.

Wellington Management Group LLP raised its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,787,921 shares of the company's stock after purchasing an additional 966,230 shares during the quarter. Wellington Management Group LLP owned 6.33% of Revolution Medicines worth $416,821,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RVMD. Wells Fargo & Company MN boosted its holdings in 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 period. Envestnet Asset Management Inc. lifted its position in shares of Revolution Medicines by 21.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 11,425 shares of the company's stock worth $500,000 after purchasing an additional 2,041 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Revolution Medicines by 11.4% during the fourth quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock valued at $186,000 after purchasing an additional 434 shares during the period. Cerity Partners LLC bought a new position in shares of Revolution Medicines in the fourth quarter worth about $250,000. Finally, Raymond James Financial Inc. purchased a new position in Revolution Medicines in the 4th quarter worth about $14,067,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RVMD shares. Piper Sandler started coverage on shares of Revolution Medicines in a research note on Monday. They issued an "overweight" rating and a $75.00 target price on the stock. Lifesci Capital started coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "outperform" rating and a $80.00 price target for the company. Wedbush reaffirmed an "outperform" rating and set a $73.00 price target (up previously from $67.00) on shares of Revolution Medicines in a research note on Tuesday, June 24th. Oppenheimer lifted their price target on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group assumed coverage on shares of Revolution Medicines in a research note on Tuesday, July 15th. They set a "buy" rating and a $65.00 price target for the company. Thirteen research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $69.92.

Revolution Medicines Stock Up 1.5%

Shares of RVMD stock traded up $0.53 during mid-day trading on Friday, hitting $37.01. 1,091,784 shares of the stock traded hands, compared to its average volume of 1,900,156. Revolution Medicines, Inc. has a 52-week low of $29.17 and a 52-week high of $62.40. The stock has a market cap of $6.92 billion, a P/E ratio of -8.22 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 11.79 and a quick ratio of 11.79. The stock's fifty day moving average is $37.48 and its two-hundred day moving average is $38.39.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted 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 period in the previous year, the company posted ($0.81) EPS. The business's revenue for the quarter was up .0% on a year-over-year basis. Equities analysts predict that Revolution Medicines, Inc. will post -3.49 EPS for the current 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.