CIBC Asset Management Inc Has $220,000 Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

CIBC Asset Management Inc grew its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 5.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,037 shares of the company’s stock after buying an additional 270 shares during the period. CIBC Asset Management Inc’s holdings in Revolution Medicines were worth $220,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RVMD. Quarry LP bought a new position in Revolution Medicines during the third quarter worth about $82,000. KBC Group NV boosted its holdings in Revolution Medicines by 12.9% during the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after buying an additional 368 shares during the last quarter. Avanza Fonder AB bought a new position in Revolution Medicines during the fourth quarter worth about $173,000. Everence Capital Management Inc. bought a new position in Revolution Medicines during the fourth quarter worth about $203,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Revolution Medicines during the third quarter worth about $247,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Up 0.3 %

Shares of Revolution Medicines stock opened at $41.34 on Wednesday. Revolution Medicines, Inc. has a 12-month low of $29.00 and a 12-month high of $62.40. The stock has a market cap of $6.95 billion, a P/E ratio of -11.52 and a beta of 1.45. The business’s 50 day moving average is $42.35 and its 200-day moving average is $46.28.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RVMD. UBS Group boosted their price objective on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $68.00 price objective on shares of Revolution Medicines in a research report on Tuesday, December 3rd. Wedbush reiterated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research report on Monday, December 2nd. Guggenheim boosted their price objective on Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler upped their price target on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $66.25.

Insider Activity at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 11,714 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $531,815.60. Following the sale, the insider now owns 325,056 shares in the company, valued at approximately $14,757,542.40. This represents a 3.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thilo Schroeder acquired 1,304,347 shares of the stock in a transaction on Thursday, December 5th. The shares were purchased at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the transaction, the director now directly owns 2,096,612 shares in the company, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 18,678 shares of company stock worth $847,981. Company insiders own 8.00% of the company’s stock.

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.