The Manufacturers Life Insurance Company Decreases Position in Revolution Medicines, Inc. $RVMD

The Manufacturers Life Insurance Company trimmed its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 17.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 141,296 shares of the company’s stock after selling 30,247 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Revolution Medicines worth $13,741,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Revolution Medicines in the fourth quarter valued at approximately $195,568,000. Avoro Capital Advisors LLC acquired a new stake in shares of Revolution Medicines in the fourth quarter worth approximately $172,840,000. UBS Group AG increased its position in shares of Revolution Medicines by 183.6% during the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock worth $245,954,000 after purchasing an additional 1,998,972 shares in the last quarter. Polar Capital Holdings Plc increased its position in shares of Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock worth $160,398,000 after purchasing an additional 1,535,686 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Revolution Medicines by 197.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after purchasing an additional 1,463,155 shares during the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RVMD has been the topic of a number of research reports. Piper Sandler raised their price objective on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Royal Bank Of Canada raised their price target on shares of Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Guggenheim boosted their price target on shares of Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Mizuho boosted their price target on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, July 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $195.00 price objective on shares of Revolution Medicines in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.67.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $187.53 on Monday. The stock’s fifty day moving average is $172.57 and its two-hundred day moving average is $134.97. The firm has a market capitalization of $39.87 billion, a P/E ratio of -26.52 and a beta of 1.37. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $194.56.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period last year, the business earned ($1.13) earnings per share. On average, research analysts anticipate that Revolution Medicines, Inc. will post -7.92 earnings per share for the current year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 10,020 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, CFO Jack Anders sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the sale, the chief financial officer owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. The trade was a 13.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 132,497 shares of company stock worth $21,470,486. Insiders own 7.60% of the company’s stock.

Revolution Medicines Profile

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.