Ieq Capital LLC Makes New $11.02 Million Investment in Revolution Medicines, Inc. $RVMD

Ieq Capital LLC bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 58,834 shares of the company’s stock, valued at approximately $11,018,000.

Several other hedge funds have also modified their holdings of RVMD. Vanguard Group Inc. boosted its position in Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock valued at $1,331,739,000 after buying an additional 1,056,792 shares during the last quarter. State of Wyoming bought a new stake in shares of Revolution Medicines during the second quarter worth $1,769,000. Handelsbanken Fonder AB raised its position in shares of Revolution Medicines by 243.6% during the second quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after acquiring an additional 150,500 shares during the last quarter. Eagle Health Investments LP acquired a new position in shares of Revolution Medicines during the fourth quarter valued at $9,231,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Revolution Medicines during the second quarter valued at $37,547,000. 94.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RVMD. Royal Bank Of Canada raised their price target on Revolution Medicines from $182.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Sanford C. Bernstein boosted their price objective on Revolution Medicines from $151.00 to $179.00 and gave the stock a “market perform” rating in a report on Friday. Truist Financial upped their target price on shares of Revolution Medicines from $210.00 to $231.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Wolfe Research reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Revolution Medicines in a research note on Monday, August 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.89.

Revolution Medicines Stock Performance

RVMD stock opened at $209.46 on Friday. Revolution Medicines, Inc. has a twelve month low of $35.62 and a twelve month high of $220.34. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The company has a market cap of $44.90 billion, a P/E ratio of -23.75 and a beta of 1.39. The business’s fifty day moving average is $187.99 and its 200-day moving average is $144.50.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same period last year, the business earned ($1.31) earnings per share. Equities research analysts forecast that Revolution Medicines, Inc. will post -8.82 EPS for the current year.

Insider Activity

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was 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 $45,567,681.12. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total value of $3,366,600.00. Following the completion of the sale, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 132,497 shares of company stock valued at $21,470,486. Insiders own 7.60% of the company’s stock.

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.