Handelsbanken Fonder AB Increases Position in Revolution Medicines, Inc. $RVMD

Handelsbanken Fonder AB grew its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 243.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 212,275 shares of the company’s stock after purchasing an additional 150,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in Revolution Medicines were worth $39,755,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Revolution Medicines by 6.7% during the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after buying an additional 1,056,792 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Revolution Medicines by 194.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company’s stock valued at $1,696,000 after acquiring an additional 14,062 shares during the last quarter. Mass General Brigham Inc purchased a new position in shares of Revolution Medicines in the 4th quarter valued at about $27,407,000. Eagle Health Investments LP acquired a new stake in shares of Revolution Medicines during the 4th quarter worth about $9,231,000. Finally, M&T Bank Corp acquired a new stake in shares of Revolution Medicines during the 4th quarter worth about $52,723,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Stock Down 0.7%

Revolution Medicines stock opened at $205.55 on Wednesday. Revolution Medicines, Inc. has a fifty-two week low of $34.21 and a fifty-two week high of $208.76. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The company has a market capitalization of $44.06 billion, a P/E ratio of -23.30 and a beta of 1.39. The stock has a 50-day simple moving average of $178.61 and a 200-day simple moving average of $138.84.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the previous year, the business earned ($1.31) earnings per share. Equities research analysts expect that Revolution Medicines, Inc. will post -8.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RVMD. Evercore reaffirmed an “outperform” rating and issued a $230.00 price target on shares of Revolution Medicines in a report on Thursday, August 6th. Stifel Nicolaus reissued a “buy” rating on shares of Revolution Medicines in a report on Monday, April 20th. Guggenheim boosted their price objective on shares of Revolution Medicines from $235.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Needham & Company LLC boosted their price objective on shares of Revolution Medicines from $236.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Sanford C. Bernstein assumed coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $161.79.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the transaction, the insider directly owned 267,330 shares of the company’s stock, valued at $41,735,559.60. The trade was a 3.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the completion of the sale, the insider owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This trade represents a 1.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is owned by insiders.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.