Nicholas Investment Partners LP Raises Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Nicholas Investment Partners LP grew its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 36.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 84,729 shares of the company's stock after buying an additional 22,429 shares during the period. Nicholas Investment Partners LP owned 0.05% of Revolution Medicines worth $3,706,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RVMD. Vanguard Group Inc. boosted its position in Revolution Medicines by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company's stock valued at $747,799,000 after acquiring an additional 2,185,082 shares in the last quarter. Farallon Capital Management LLC raised its stake in Revolution Medicines by 17.1% during the 4th quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company's stock valued at $579,498,000 after buying an additional 1,931,000 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Revolution Medicines by 54.5% in the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company's stock worth $414,777,000 after purchasing an additional 3,346,755 shares in the last quarter. Baker BROS. Advisors LP increased its stake in shares of Revolution Medicines by 4.9% in the 4th quarter. Baker BROS. Advisors LP now owns 7,936,972 shares of the company's stock worth $347,163,000 after purchasing an additional 367,882 shares in the last quarter. Finally, FMR LLC increased its stake in Revolution Medicines by 14.7% in the 4th quarter. FMR LLC now owns 6,742,083 shares of the company's stock worth $294,899,000 after buying an additional 866,190 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Guggenheim cut their price objective on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC reissued a "buy" rating and issued a $57.00 price objective on shares of Revolution Medicines in a research note on Thursday, May 8th. HC Wainwright reissued a "buy" rating and issued a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Oppenheimer raised their price objective on shares of Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Wedbush reaffirmed an "outperform" rating and set a $67.00 price target on shares of Revolution Medicines in a research note on Thursday, May 8th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $67.08.

Revolution Medicines Stock Down 0.7%

Revolution Medicines stock traded down $0.26 during mid-day trading on Monday, reaching $39.28. 246,643 shares of the company's stock were exchanged, compared to its average volume of 1,493,593. The company has a market cap of $7.32 billion, a P/E ratio of -10.94 and a beta of 1.11. Revolution Medicines, Inc. has a twelve month low of $29.17 and a twelve month high of $62.40. The company has a fifty day moving average of $37.49 and a 200-day moving average of $43.05.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same quarter last year, the business posted ($0.70) EPS. Equities research analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 1,864 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $72,770.56. Following the transaction, the chief financial officer now directly owns 115,006 shares of the company's stock, valued at $4,489,834.24. This trade represents a 1.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 3,058 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $119,384.32. Following the transaction, the chief operating officer now directly owns 153,533 shares in the company, valued at $5,993,928.32. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,660 shares of company stock valued at $650,406 in the last ninety days. Insiders own 8.20% of the company's stock.

About Revolution Medicines

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.