Intech Investment Management LLC Makes New Investment in Revolution Medicines, Inc. (NASDAQ:RVMD)

Intech Investment Management LLC purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,694 shares of the company’s stock, valued at approximately $1,709,000.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in Revolution Medicines by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after buying an additional 222 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Revolution Medicines in the third quarter valued at $93,000. Nisa Investment Advisors LLC boosted its stake in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after acquiring an additional 320 shares during the last quarter. KBC Group NV increased its position in Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares in the last quarter. Finally, Amalgamated Bank raised its stake in Revolution Medicines by 7.4% in the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares during the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RVMD shares. Needham & Company LLC lifted their price target on shares of Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays boosted their price target on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. JPMorgan Chase & Co. raised their price objective on Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Piper Sandler upped their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Guggenheim raised their price target on Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $61.00.

Revolution Medicines Price Performance

NASDAQ RVMD opened at $57.50 on Tuesday. Revolution Medicines, Inc. has a 1-year low of $20.98 and a 1-year high of $62.40. The firm has a market capitalization of $9.67 billion, a P/E ratio of -16.02 and a beta of 1.40. The business’s 50-day simple moving average is $50.80 and its 200-day simple moving average is $44.77.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the previous year, the business earned ($0.99) EPS. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 3.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Barbara Weber sold 5,200 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the sale, the director now directly owns 13,065 shares of the company’s stock, valued at $627,381.30. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 127,866 shares of company stock valued at $6,355,624. Company insiders own 8.00% 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.