Revolution Medicines, Inc. $RVMD Stock Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group increased its Revolution Medicines stake by 23.6% in the third quarter, adding 72,402 shares to reach 378,702 shares valued at about $77.7 million. Hedge funds and other institutional investors own 94.34% of the stock.
• Analysts rate the stock a consensus “Moderate Buy”, with an average price target of $242.90; shares opened at $194.23 in the report.
• Revolution Medicines reported a quarterly loss of $3.06 per share, missing the consensus estimate of a $2.04 loss. Insiders also sold nearly 291,000 shares worth about $59.4 million over the prior 90 days.

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 23.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 378,702 shares of the company's stock after purchasing an additional 72,402 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Revolution Medicines worth $77,732,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RVMD. Alphabet Inc. acquired a new position in Revolution Medicines during the 2nd quarter valued at about $551,843,000. Assenagon Asset Management S.A. boosted its position in Revolution Medicines by 987.9% in the third quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company's stock valued at $447,710,000 after buying an additional 1,980,699 shares during the last quarter. ABS Investment Management LLC purchased a new stake in Revolution Medicines in the second quarter valued at approximately $337,104,000. Bank of America Corp DE acquired a new position in Revolution Medicines in the 2nd quarter worth approximately $184,267,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Revolution Medicines by 82.3% in 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 acquiring an additional 411,740 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Trading Up 3.2%

Shares of Revolution Medicines stock opened at $194.23 on Wednesday. The business has a 50 day simple moving average of $198.45 and a two-hundred day simple moving average of $156.51. Revolution Medicines, Inc. has a 12 month low of $57.74 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.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its 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 last year, the firm posted ($1.31) earnings per share. As a group, equities research analysts anticipate that Revolution Medicines, Inc. will post -8.94 EPS for the current year.

Insider Activity

In other news, insider Alan B. Sandler sold 6,309 shares of the company's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $202.14, for a total value of $1,275,301.26. Following the transaction, the insider directly owned 52,559 shares in the company, valued at approximately $10,624,276.26. This represents a 10.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the transaction, the insider directly owned 291,876 shares of the company's stock, valued at $59,064,027.36. The trade was a 24.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 290,991 shares of company stock valued at $59,422,765 in the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Morgan Stanley initiated coverage on Revolution Medicines in a report on Thursday, September 10th. They set an "overweight" rating and a $255.00 target price on the stock. Wedbush boosted their price target on Revolution Medicines from $201.00 to $225.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. Oppenheimer upped their price objective on Revolution Medicines from $230.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. Truist Financial raised their price target on shares of Revolution Medicines from $240.00 to $241.00 and gave the company a "buy" rating in a research report on Monday, October 19th. Finally, Brookline Capital Markets started coverage on Revolution Medicines in a research report on Monday, September 28th. They issued a "buy" rating and a $318.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Revolution Medicines has an average rating of "Moderate Buy" and an average target price of $242.90.

About Revolution Medicines

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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