SBI Okasan Asset Management Co.Ltd. Invests $797,000 in Revolution Medicines, Inc. $RVMD

Key Points

• SBI Okasan Asset Management opened a new position in Revolution Medicines (NASDAQ:RVMD), buying 9,900 shares worth about $797,000 in the fourth quarter.
• Institutional ownership remains very high, with funds like Vanguard and Mirae Asset adding to their stakes; overall, institutions own 94.34% of the stock.
• Analysts are mostly bullish on RVMD, with a consensus Buy rating and an average price target of $111.35, though the stock recently traded near $157.48 after a strong run.

SBI Okasan Asset Management Co.Ltd. bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 9,900 shares of the company's stock, valued at approximately $797,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Revolution Medicines by 194.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company's stock worth $1,696,000 after purchasing an additional 14,062 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Revolution Medicines by 39.3% in the 3rd quarter. New York State Common Retirement Fund now owns 119,807 shares of the company's stock worth $5,595,000 after purchasing an additional 33,821 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Revolution Medicines in the 3rd quarter worth about $921,000. Finally, Mass General Brigham Inc bought a new stake in shares of Revolution Medicines in the 4th quarter worth about $27,407,000. Institutional investors own 94.34% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RVMD shares. Truist Financial assumed coverage on shares of Revolution Medicines in a research report on Monday, May 18th. They issued a "buy" rating and a $179.00 target price for the company. Guggenheim lifted their price target on shares of Revolution Medicines to $205.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Evercore reaffirmed an "outperform" rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Benchmark reaffirmed an "overweight" rating on shares of Revolution Medicines in a report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $111.35.

Insiders Place Their Bets

In related news, insider Mark A. Goldsmith sold 120,000 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total value of $18,010,800.00. Following the completion of the transaction, the insider directly owned 276,698 shares of the company's stock, valued at $41,529,602.82. This represents a 30.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jack Anders sold 2,753 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total value of $273,868.44. Following the completion of the transaction, the chief financial officer directly owned 125,512 shares of the company's stock, valued at $12,485,933.76. This trade represents a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 184,592 shares of company stock worth $24,499,532. 8.20% of the stock is owned by company insiders.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $157.48 on Friday. Revolution Medicines, Inc. has a 12-month low of $34.00 and a 12-month high of $158.13. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of -22.27 and a beta of 1.41. The business has a 50 day simple moving average of $129.46 and a 200 day simple moving average of $104.51. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.83) by ($0.46). During the same period last year, the company earned ($1.13) earnings per share. On average, equities research analysts anticipate that Revolution Medicines, Inc. will post -7.75 EPS for the current year.

Revolution Medicines Company 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.

Want to see what other hedge funds are holding RVMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.