Revolution Medicines, Inc. $RVMD Stock Bought by China Universal Asset Management Co. Ltd.

Key Points

• China Universal Asset Management increased its Revolution Medicines stake by 15.6% in the third quarter, bringing its holdings to 39,108 shares valued at approximately $8.0 million.
• Institutional investors own 94.34% of RVMD, with major additions or new positions from Alphabet, Assenagon Asset Management, Bank of America, UBS Asset Management and Deutsche Bank.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $242.90 price target, although the company missed quarterly earnings estimates and insiders sold shares partly to cover tax obligations.

China Universal Asset Management Co. Ltd. grew its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 15.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,108 shares of the company's stock after acquiring an additional 5,273 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Revolution Medicines were worth $7,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Alphabet Inc. purchased a new position in shares of Revolution Medicines in the 2nd quarter valued at about $551,843,000. Assenagon Asset Management S.A. grew its position in shares of Revolution Medicines by 987.9% during the third quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company's stock worth $447,710,000 after buying an additional 1,980,699 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Revolution Medicines during the second quarter worth approximately $184,267,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Revolution Medicines by 82.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 912,335 shares of the company's stock worth $170,862,000 after buying an additional 411,740 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Revolution Medicines in the second quarter valued at approximately $166,308,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on RVMD. Needham & Company LLC reiterated a "buy" rating and issued a $275.00 price target on shares of Revolution Medicines in a research note on Thursday, October 15th. Oppenheimer increased their price objective on shares of Revolution Medicines from $230.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Stifel Nicolaus raised their price objective on shares of Revolution Medicines from $215.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, September 9th. Morgan Stanley started coverage on shares of Revolution Medicines in a research report on Thursday, September 10th. They set an "overweight" rating and a $255.00 price objective for the company. Finally, Wedbush boosted their target price on shares of Revolution Medicines from $201.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $242.90.

Insider Activity

In other Revolution Medicines news, insider Alan B. Sandler sold 6,309 shares of the company's stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $202.14, for a total value of $1,275,301.26. Following the sale, the insider owned 52,559 shares of the company's stock, valued at approximately $10,624,276.26. This represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 4,967 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total transaction of $989,625.08. Following the completion of the sale, the chief operating officer directly owned 149,680 shares in the company, valued at approximately $29,822,243.20. The trade was a 3.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 290,991 shares of company stock valued at $59,422,765 in the last quarter. Insiders own 7.60% of the company's stock.

Revolution Medicines Trading Up 0.8%

Shares of Revolution Medicines stock opened at $190.27 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. Revolution Medicines, Inc. has a one year low of $56.66 and a one year high of $224.31. The firm has a fifty day moving average of $199.63 and a two-hundred day moving average of $155.44.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts' consensus estimates of ($2.04) by ($1.02). During the same quarter in the prior year, the firm earned ($1.31) earnings per share. As a group, equities research analysts forecast that Revolution Medicines, Inc. will post -8.94 EPS for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company's research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.

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