Revolution Medicines, Inc. $RVMD Shares Purchased by Saudi Central Bank

Key Points

• Saudi Central Bank more than doubled its Revolution Medicines stake in the second quarter, purchasing 5,972 additional shares to own 11,324 shares valued at approximately $2.12 million.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $200.74; several firms recently raised targets as high as $280. Institutional investors own 94.34% of the stock.
• Revolution Medicines shares opened at $210.02, near their 12-month high, despite the company reporting a quarterly loss of $3.06 per share—worse than the expected $2.04 loss. Insiders have sold roughly $49.6 million of shares over the past 90 days.

Saudi Central Bank grew its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 111.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,324 shares of the company's stock after buying an additional 5,972 shares during the period. Saudi Central Bank's holdings in Revolution Medicines were worth $2,121,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. William John Sempolinski acquired a new stake in shares of Revolution Medicines during the second quarter valued at $346,000. Three Seasons Wealth LLC acquired a new position in Revolution Medicines in the 2nd quarter valued at about $331,000. Washington Growth Strategies LLC purchased a new position in Revolution Medicines in the 2nd quarter valued at about $247,000. Concurrent Investment Advisors LLC purchased a new position in Revolution Medicines in the 2nd quarter valued at about $475,000. Finally, High Net Worth Advisory Group LLC acquired a new stake in shares of Revolution Medicines during the 2nd quarter worth about $375,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RVMD shares. Wolfe Research reiterated an "outperform" rating and set a $220.00 price target on shares of Revolution Medicines in a report on Monday, August 10th. Raymond James Financial restated a "strong-buy" rating and set a $248.00 target price on shares of Revolution Medicines in a research report on Thursday, August 27th. Oppenheimer lifted their target price on shares of Revolution Medicines from $230.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. HC Wainwright boosted their price target on Revolution Medicines from $195.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Revolution Medicines in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $200.74.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $210.02 on Tuesday. The company has a market cap of $45.02 billion, a P/E ratio of -23.81 and a beta of 1.40. Revolution Medicines, Inc. has a 12 month low of $39.17 and a 12 month high of $224.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. The company has a 50-day moving average of $197.28 and a 200-day moving average of $153.68.

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

Insider Activity at Revolution Medicines

In other news, Director Sushil Patel sold 5,580 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the completion of the sale, the director directly owned 21,656 shares in the company, valued at $4,071,111.44. This represents a 20.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Margaret A. Horn sold 60,400 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the sale, the chief operating officer owned 158,222 shares of the company's stock, valued at approximately $25,342,417.74. The trade was a 27.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 268,497 shares of company stock valued at $49,587,926 over the last 90 days. 7.60% of the stock is currently owned by insiders.

Revolution Medicines Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.

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