8,500 Shares in Revolution Medicines, Inc. $RVMD Acquired by Cannon Global Investment Management LLC

Cannon Global Investment Management LLC bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) in the first quarter, HoldingsChannel.com reports. The fund bought 8,500 shares of the company’s stock, valued at approximately $827,000. Revolution Medicines accounts for 1.6% of Cannon Global Investment Management LLC’s portfolio, making the stock its 16th largest position.

A number of other hedge funds have also added to or reduced their stakes in the stock. General Atlantic L.P. bought a new position in shares of Revolution Medicines during the 3rd quarter valued at $115,556,000. Norges Bank purchased a new position in shares of Revolution Medicines in the 4th quarter worth $195,568,000. Avoro Capital Advisors LLC bought a new stake in shares of Revolution Medicines in the fourth quarter worth $172,840,000. UBS Group AG grew its holdings in shares of Revolution Medicines by 183.6% in the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock worth $245,954,000 after acquiring an additional 1,998,972 shares during the period. Finally, Polar Capital Holdings Plc increased its position in Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after acquiring an additional 1,535,686 shares during the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RVMD has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a report on Tuesday, April 21st. Oppenheimer boosted their price target on Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Evercore reiterated an “outperform” rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Jefferies Financial Group began coverage on shares of Revolution Medicines in a report on Monday, March 16th. They issued a “buy” rating on the stock. Finally, HC Wainwright boosted their target price on shares of Revolution Medicines from $169.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Revolution Medicines presently has a consensus rating of “Buy” and an average price target of $123.72.

Insider Buying and Selling

In related news, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the completion of the sale, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $160.17, for a total transaction of $9,674,268.00. Following the completion of the sale, the chief operating officer directly owned 158,222 shares of the company’s stock, valued at $25,342,417.74. This represents a 27.63% decrease in their ownership of the stock. 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 quarter, insiders have sold 226,917 shares of company stock valued at $35,065,702. Insiders own 7.60% of the company’s stock.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $178.17 on Friday. The stock has a 50-day simple moving average of $151.19 and a two-hundred day simple moving average of $116.22. Revolution Medicines, Inc. has a 52-week low of $34.00 and a 52-week high of $184.39. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The firm has a market capitalization of $37.88 billion, a PE ratio of -25.20 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period last year, the firm posted ($1.13) earnings per share. Analysts forecast that Revolution Medicines, Inc. will post -7.94 EPS for the current year.

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.