Revolution Medicines, Inc. $RVMD Holdings Decreased by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. reduced its stake in Revolution Medicines by 4.5%, now holding approximately 5.6 million shares worth around $198 million.
• Revolution Medicines reported a quarterly earnings loss of ($1.31) per share, missing analysts' expectations, while its revenue showed a marginal increase.
• Over 94% of Revolution Medicines' stock is now owned by institutional investors, with multiple firms, including Janus Henderson Group and Farallon Capital Management, increasing their positions significantly during the last quarter.

Price T Rowe Associates Inc. MD trimmed its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,599,642 shares of the company's stock after selling 266,320 shares during the period. Price T Rowe Associates Inc. MD owned about 3.01% of Revolution Medicines worth $198,004,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. purchased a new position in shares of Revolution Medicines in the 1st quarter valued at $59,173,000. Wellington Management Group LLP raised its position in Revolution Medicines by 8.9% in the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock valued at $416,821,000 after purchasing an additional 966,230 shares during the period. American Century Companies Inc. lifted its stake in shares of Revolution Medicines by 15.6% during the first quarter. American Century Companies Inc. now owns 741,860 shares of the company's stock worth $26,232,000 after purchasing an additional 100,214 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Revolution Medicines by 6,410.3% in the first quarter. Russell Investments Group Ltd. now owns 276,230 shares of the company's stock worth $9,768,000 after buying an additional 271,987 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Revolution Medicines in the first quarter valued at about $16,897,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RVMD. Wells Fargo & Company initiated coverage on Revolution Medicines in a report on Friday, August 15th. They set an "overweight" rating and a $67.00 target price on the stock. Piper Sandler initiated coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "overweight" rating and a $75.00 price objective on the stock. Oppenheimer boosted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. 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 on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Revolution Medicines has a consensus rating of "Buy" and a consensus price target of $69.92.

Revolution Medicines Stock Performance

RVMD stock traded down $0.41 during trading on Friday, hitting $37.92. 1,077,589 shares of the company's stock traded hands, compared to its average volume of 1,864,108. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of -8.43 and a beta of 1.16. Revolution Medicines, Inc. has a 52 week low of $29.17 and a 52 week high of $62.40. The stock has a fifty day moving average price of $37.29 and a two-hundred day moving average price of $38.23. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.94) by ($0.37). Revolution Medicines's revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.81) EPS. As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Revolution Medicines 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.