Revolution Medicines, Inc. $RVMD Shares Bought by Arizona State Retirement System

Key Points

• Arizona State Retirement System increased its Revolution Medicines stake by 17.7% in the second quarter, adding 6,986 shares and bringing its holdings to 46,382 shares worth approximately $8.7 million. Institutional investors and hedge funds collectively own 94.34% of the company.
• Revolution Medicines insiders sold 268,497 shares valued at about $49.6 million over the past 90 days, including sales by Director Sushil Patel and CFO Jack Anders.
• RVMD opened at $207.68, near analysts’ average price target of $208.37, while the company’s latest quarterly loss of $3.06 per share missed estimates by $1.02. Despite the earnings miss, most analysts maintain bullish ratings, with an overall “Moderate Buy” consensus.

Arizona State Retirement System boosted its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 17.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 46,382 shares of the company's stock after buying an additional 6,986 shares during the quarter. Arizona State Retirement System's holdings in Revolution Medicines were worth $8,686,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Advisory Services Inc. raised its holdings in shares of Revolution Medicines by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company's stock worth $401,000 after purchasing an additional 120 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Revolution Medicines by 1.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company's stock valued at $802,000 after purchasing an additional 125 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Revolution Medicines by 147.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 218 shares of the company's stock valued at $41,000 after purchasing an additional 130 shares during the last quarter. Deutsche Bank AG grew its position in Revolution Medicines by 0.4% during the 4th quarter. Deutsche Bank AG now owns 32,217 shares of the company's stock worth $2,566,000 after purchasing an additional 130 shares during the period. Finally, Contravisory Investment Management Inc. acquired a new stake in Revolution Medicines during the 2nd quarter worth about $32,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Revolution Medicines

In related news, Director Sushil Patel sold 5,580 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $187.99, for a total value of $1,048,984.20. Following the completion of the sale, the director owned 21,656 shares of the company's stock, valued at approximately $4,071,111.44. The trade was a 20.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jack Anders sold 20,000 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares of the company's stock, valued at $20,749,870.77. This represents a 13.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 268,497 shares of company stock worth $49,587,926 in the last ninety days. Company insiders own 7.60% of the company's stock.

Revolution Medicines Trading Up 0.2%

RVMD stock opened at $207.68 on Thursday. The company's 50-day simple moving average is $198.08 and its 200-day simple moving average is $155.18. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines, Inc. has a 52-week low of $39.73 and a 52-week high of $224.31. The firm has a market cap of $44.51 billion, a P/E ratio of -23.55 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the previous year, the firm posted ($1.31) earnings per share. As a group, equities analysts forecast that Revolution Medicines, Inc. will post -8.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RVMD. Truist Financial boosted their price objective on Revolution Medicines from $231.00 to $239.00 and gave the company a "buy" rating in a report on Thursday, August 27th. UBS Group raised their target price on Revolution Medicines from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Raymond James Financial reiterated a "strong-buy" rating and set a $248.00 price target on shares of Revolution Medicines in a research report on Thursday, August 27th. Sanford C. Bernstein boosted their price target on Revolution Medicines from $151.00 to $179.00 and gave the company a "market perform" rating in a report on Friday, August 21st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Revolution Medicines in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $208.37.

Revolution Medicines Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted treatments for cancer. The company specializes in therapies designed to inhibit oncogenic RAS signaling, a pathway involved in many difficult-to-treat cancers, including tumors driven by KRAS mutations.

Its pipeline includes investigational RAS(ON) inhibitors intended to target active forms of RAS proteins. Key programs have included daraxonrasib (RMC-6236), an oral inhibitor being studied in cancers with a range of RAS mutations, as well as mutation-selective programs such as RMC-9805 for KRAS G12D and RMC-6291 for KRAS G12C.

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