State of New Jersey Common Pension Fund D Raises Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

State of New Jersey Common Pension Fund D grew its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 51.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,390 shares of the company's stock after buying an additional 38,363 shares during the period. State of New Jersey Common Pension Fund D owned 0.10% of Revolution Medicines worth $3,252,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in Revolution Medicines by 2.7% during the third quarter. Wellington Management Group LLP now owns 10,572,475 shares of the company's stock worth $292,646,000 after purchasing an additional 282,786 shares during the period. Vanguard Group Inc. boosted its holdings in Revolution Medicines by 3.2% in the third quarter. Vanguard Group Inc. now owns 9,643,591 shares of the company's stock worth $266,935,000 after acquiring an additional 303,088 shares in the last quarter. Northern Trust Corp boosted its holdings in Revolution Medicines by 1.7% in the third quarter. Northern Trust Corp now owns 933,125 shares of the company's stock worth $25,829,000 after acquiring an additional 15,432 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Revolution Medicines by 7.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 766,669 shares of the company's stock worth $21,221,000 after acquiring an additional 55,558 shares in the last quarter. Finally, Rock Springs Capital Management LP boosted its holdings in Revolution Medicines by 3.2% in the third quarter. Rock Springs Capital Management LP now owns 725,152 shares of the company's stock worth $20,072,000 after acquiring an additional 22,440 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RVMD. Needham & Company LLC reiterated a "buy" rating and issued a $46.00 price target (up previously from $36.00) on shares of Revolution Medicines in a report on Monday, April 8th. Bank of America upgraded Revolution Medicines from a "neutral" rating to a "buy" rating and increased their price target for the stock from $31.00 to $34.00 in a report on Friday, January 5th. Piper Sandler started coverage on Revolution Medicines in a report on Monday, March 11th. They issued an "overweight" rating and a $43.00 price target on the stock. Wedbush raised their target price on Revolution Medicines from $41.00 to $42.00 and gave the company an "outperform" rating in a report on Tuesday, February 27th. Finally, Raymond James upgraded Revolution Medicines from an "outperform" rating to a "strong-buy" rating and raised their target price for the company from $36.00 to $48.00 in a report on Wednesday, April 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Revolution Medicines has a consensus rating of "Buy" and an average target price of $41.20.

Insider Activity

In other news, insider Stephen Michael Kelsey sold 2,123 shares of Revolution Medicines stock in a transaction on Monday, March 18th. The stock was sold at an average price of $31.58, for a total value of $67,044.34. Following the completion of the transaction, the insider now directly owns 270,909 shares in the company, valued at $8,555,306.22. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, General Counsel Jeff Cislini sold 1,252 shares of Revolution Medicines stock in a transaction on Monday, March 18th. The stock was sold at an average price of $31.58, for a total value of $39,538.16. Following the completion of the transaction, the general counsel now directly owns 55,874 shares in the company, valued at $1,764,500.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Stephen Michael Kelsey sold 2,123 shares of Revolution Medicines stock in a transaction on Monday, March 18th. The shares were sold at an average price of $31.58, for a total value of $67,044.34. Following the completion of the transaction, the insider now owns 270,909 shares of the company's stock, valued at $8,555,306.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,705 shares of company stock worth $630,749. 8.50% of the stock is owned by corporate insiders.

Revolution Medicines Stock Performance

NASDAQ:RVMD traded up $0.63 during trading hours on Friday, reaching $35.96. The stock had a trading volume of 1,213,741 shares, compared to its average volume of 1,333,327. The stock has a 50 day simple moving average of $32.33 and a 200 day simple moving average of $27.99. Revolution Medicines, Inc. has a 12-month low of $15.44 and a 12-month high of $38.73. The stock has a market cap of $5.92 billion, a P/E ratio of -9.54 and a beta of 1.54.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.29). The business had revenue of $0.74 million during the quarter, compared to analyst estimates of $1.20 million. During the same period in the prior year, the company earned ($0.63) earnings per share. Revolution Medicines's revenue was down 95.2% on a year-over-year basis. On average, equities analysts expect that Revolution Medicines, Inc. will post -3.18 earnings per share for the current fiscal year.

Revolution Medicines Company 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.