Geode Capital Management LLC Grows Stock Holdings in Revolution Medicines, Inc. (NASDAQ:RVMD)

Geode Capital Management LLC lifted its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 8.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,627,025 shares of the company’s stock after purchasing an additional 291,369 shares during the quarter. Geode Capital Management LLC owned 2.16% of Revolution Medicines worth $164,517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RVMD. Farallon Capital Management LLC lifted its position in Revolution Medicines by 30.0% in the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Revolution Medicines by 32.3% during the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock worth $278,280,000 after acquiring an additional 1,497,026 shares in the last quarter. Logos Global Management LP bought a new stake in shares of Revolution Medicines in the 2nd quarter worth approximately $46,572,000. Hood River Capital Management LLC bought a new position in shares of Revolution Medicines during the 2nd quarter valued at $35,472,000. Finally, Charles Schwab Investment Management Inc. raised its position in Revolution Medicines by 58.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after purchasing an additional 653,433 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Revolution Medicines news, Director Barbara Weber sold 5,200 shares of the stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total value of $249,704.00. Following the completion of the transaction, the director now owns 13,065 shares in the company, valued at approximately $627,381.30. This represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the sale, the insider now owns 300,170 shares in the company, valued at approximately $13,486,638.10. This trade represents a 3.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock worth $6,355,624 over the last three months. Company insiders own 8.00% of the company’s stock.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several analyst reports. HC Wainwright upped their price target on shares of Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler increased their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $68.00 price target on shares of Revolution Medicines in a research note on Tuesday, December 3rd. Wedbush reiterated an “outperform” rating and issued a $70.00 price objective on shares of Revolution Medicines in a research report on Monday, December 2nd. Finally, Oppenheimer raised their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $63.67.

Revolution Medicines Stock Up 0.2 %

Shares of RVMD stock opened at $45.01 on Monday. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of -12.54 and a beta of 1.40. The stock has a fifty day moving average of $52.38 and a 200 day moving average of $45.96. Revolution Medicines, Inc. has a 52 week low of $25.58 and a 52 week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same period in the previous year, the firm earned ($0.99) EPS. Equities research analysts anticipate that Revolution Medicines, Inc. will post -3.5 earnings per share for the current year.

About Revolution Medicines

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.