Arizona State Retirement System Boosts Stock Holdings in Revolution Medicines, Inc. (NASDAQ:RVMD)

Arizona State Retirement System raised its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 34.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 28,384 shares of the company’s stock after purchasing an additional 7,195 shares during the period. Arizona State Retirement System’s holdings in Revolution Medicines were worth $814,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in Revolution Medicines by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,572,475 shares of the company’s stock valued at $292,646,000 after purchasing an additional 282,786 shares during the period. Vanguard Group Inc. grew its position in shares of Revolution Medicines by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 9,643,591 shares of the company’s stock worth $266,935,000 after buying an additional 303,088 shares during the last quarter. BlackRock Inc. grew its position in shares of Revolution Medicines by 10.6% in the 2nd quarter. BlackRock Inc. now owns 8,257,616 shares of the company’s stock worth $220,891,000 after buying an additional 791,842 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Revolution Medicines by 36.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,035,179 shares of the company’s stock worth $109,063,000 after buying an additional 1,355,137 shares during the last quarter. Finally, State Street Corp grew its position in shares of Revolution Medicines by 27.3% in the 1st quarter. State Street Corp now owns 4,811,431 shares of the company’s stock worth $104,216,000 after buying an additional 1,030,420 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insiders Place Their Bets

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 2,123 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $67,044.34. Following the completion of the transaction, the insider now directly owns 270,909 shares in the company, valued at $8,555,306.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Revolution Medicines news, insider Stephen Michael Kelsey sold 2,123 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $67,044.34. Following the completion of the transaction, the insider now directly owns 270,909 shares in the company, valued at $8,555,306.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark A. Goldsmith sold 7,500 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $35.48, for a total transaction of $266,100.00. Following the transaction, the insider now owns 452,879 shares of the company’s stock, valued at $16,068,146.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,205 shares of company stock worth $671,249. Company insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RVMD. Bank of America raised shares of Revolution Medicines from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $31.00 to $34.00 in a research report on Friday, January 5th. Oppenheimer lifted their price objective on shares of Revolution Medicines from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 12th. Raymond James raised shares of Revolution Medicines from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $36.00 to $48.00 in a research report on Wednesday, April 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $46.00 price objective (up previously from $36.00) on shares of Revolution Medicines in a research report on Monday, April 8th. Finally, Wedbush boosted their target price on shares of Revolution Medicines from $41.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $41.20.

Revolution Medicines Price Performance

RVMD opened at $36.82 on Thursday. The firm has a fifty day moving average price of $31.50 and a 200 day moving average price of $27.47. Revolution Medicines, Inc. has a 1 year low of $15.44 and a 1 year high of $38.73. The stock has a market cap of $6.06 billion, a P/E ratio of -9.77 and a beta of 1.54.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The company had revenue of $0.74 million for the quarter, compared to analysts’ expectations of $1.20 million. During the same period in the prior year, the company posted ($0.63) EPS. Revolution Medicines’s revenue for the quarter was down 95.2% on a year-over-year basis. Equities analysts expect that Revolution Medicines, Inc. will post -3.18 EPS for the current year.

Revolution Medicines Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.