Farallon Capital Management LLC boosted its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD – Get Rating) by 18.2% during the first quarter, Holdings Channel reports. The institutional investor owned 3,250,000 shares of the company's stock after acquiring an additional 500,000 shares during the quarter. Farallon Capital Management LLC's holdings in Revolution Medicines were worth $82,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently bought and sold shares of the company. Virtus ETF Advisers LLC boosted its stake in Revolution Medicines by 9.7% during the fourth quarter. Virtus ETF Advisers LLC now owns 6,746 shares of the company's stock worth $170,000 after buying an additional 596 shares in the last quarter. SG Americas Securities LLC boosted its stake in Revolution Medicines by 48.0% during the first quarter. SG Americas Securities LLC now owns 6,942 shares of the company's stock worth $177,000 after buying an additional 2,251 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Revolution Medicines by 24.3% during the fourth quarter. Teacher Retirement System of Texas now owns 9,392 shares of the company's stock worth $236,000 after buying an additional 1,835 shares in the last quarter. Ensign Peak Advisors Inc acquired a new stake in Revolution Medicines during the fourth quarter worth $281,000. Finally, PDT Partners LLC acquired a new stake in Revolution Medicines during the first quarter worth $322,000. Institutional investors and hedge funds own 86.70% of the company's stock.
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Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on RVMD shares. Bank of America initiated coverage on shares of Revolution Medicines in a research note on Friday, May 20th. They set a "neutral" rating and a $24.00 price target on the stock. HC Wainwright reduced their target price on shares of Revolution Medicines from $40.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, August 17th. Finally, SVB Leerink reduced their target price on shares of Revolution Medicines from $31.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 10th.
Revolution Medicines Stock Performance
Shares of NASDAQ:RVMD opened at $21.94 on Tuesday. Revolution Medicines, Inc. has a 52 week low of $14.08 and a 52 week high of $34.16. The company's fifty day moving average is $22.66 and its 200-day moving average is $20.88.
Revolution Medicines (NASDAQ:RVMD – Get Rating) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.82) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.87) by $0.05. The business had revenue of $9.12 million for the quarter, compared to the consensus estimate of $8.75 million. Revolution Medicines had a negative net margin of 823.65% and a negative return on equity of 39.20%. As a group, equities research analysts anticipate that Revolution Medicines, Inc. will post -3.33 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Lorence H. Kim purchased 50,000 shares of Revolution Medicines stock in a transaction that occurred on Friday, July 22nd. The shares were acquired at an average price of $20.00 per share, for a total transaction of $1,000,000.00. Following the transaction, the director now directly owns 60,500 shares in the company, valued at $1,210,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.80% of the stock is owned by corporate insiders.
About Revolution Medicines
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Revolution Medicines, Inc, a clinical-stage precision oncology company, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic and colorectal cancer tumors.
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