Lord Abbett & CO. LLC Increases Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Lord Abbett & CO. LLC lifted its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 8.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,978,720 shares of the company's stock after acquiring an additional 146,699 shares during the quarter. Lord Abbett & CO. LLC owned 1.18% of Revolution Medicines worth $86,549,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc purchased a new position in Revolution Medicines in the 4th quarter worth about $34,000. Sterling Capital Management LLC increased its stake in Revolution Medicines by 588.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,956 shares of the company's stock worth $86,000 after buying an additional 1,672 shares during the period. Farther Finance Advisors LLC increased its stake in Revolution Medicines by 368.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock worth $90,000 after buying an additional 1,613 shares during the period. Daiwa Securities Group Inc. increased its stake in Revolution Medicines by 521.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company's stock worth $165,000 after buying an additional 3,178 shares during the period. Finally, Avanza Fonder AB purchased a new position in Revolution Medicines in the 4th quarter worth about $173,000. Institutional investors own 94.34% of the company's stock.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, COO Margaret A. Horn sold 3,058 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $119,384.32. Following the sale, the chief operating officer now directly owns 153,533 shares of the company's stock, valued at approximately $5,993,928.32. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jack Anders sold 1,864 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $72,770.56. Following the sale, the chief financial officer now directly owns 115,006 shares in the company, valued at $4,489,834.24. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,660 shares of company stock valued at $650,406 in the last ninety days. Company insiders own 8.00% of the company's stock.

Revolution Medicines Stock Up 0.9 %

Shares of Revolution Medicines stock traded up $0.35 on Wednesday, reaching $41.02. The stock had a trading volume of 666,588 shares, compared to its average volume of 1,530,990. The company has a 50 day moving average price of $37.38 and a 200 day moving average price of $43.92. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40. The stock has a market capitalization of $7.63 billion, a P/E ratio of -11.43 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.11). On average, analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on RVMD. UBS Group raised their price target on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. HC Wainwright raised their price target on shares of Revolution Medicines from $72.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, March 3rd. Stifel Nicolaus cut their target price on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Wedbush reissued an "outperform" rating and set a $67.00 target price on shares of Revolution Medicines in a research report on Monday. Finally, Needham & Company LLC reissued a "buy" rating and set a $59.00 target price on shares of Revolution Medicines in a research report on Tuesday, April 8th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $66.67.

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.