Norges Bank Invests $195.57 Million in Revolution Medicines, Inc. $RVMD

Norges Bank bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) during the 4th quarter, HoldingsChannel reports. The fund bought 2,455,347 shares of the company’s stock, valued at approximately $195,568,000.

Several other large investors have also made changes to their positions in RVMD. Nextech Invest Ltd. grew its holdings in shares of Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after purchasing an additional 1,304,347 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Revolution Medicines by 681.8% in the 1st quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock worth $5,529,000 after purchasing an additional 136,353 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Revolution Medicines by 14.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock worth $10,615,000 after purchasing an additional 37,345 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Revolution Medicines by 19.3% in the 2nd quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after purchasing an additional 36,760 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Revolution Medicines by 87.9% in the 2nd quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after purchasing an additional 7,137 shares during the last quarter. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Up 3.1%

Shares of NASDAQ:RVMD opened at $155.99 on Thursday. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $166.50. The company’s 50-day moving average price is $133.04 and its two-hundred day moving average price is $106.75. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The firm has a market cap of $33.16 billion, a P/E ratio of -22.06 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data 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 in the previous year, the company earned ($1.13) EPS. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.83 EPS for the current fiscal year.

Insider Activity

In other Revolution Medicines news, insider Mark A. Goldsmith sold 120,000 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $150.09, for a total transaction of $18,010,800.00. Following the sale, the insider owned 276,698 shares of the company’s stock, valued at $41,529,602.82. This represents a 30.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Margaret A. Horn sold 4,583 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total transaction of $455,916.84. Following the sale, the chief operating officer directly owned 157,570 shares in the company, valued at approximately $15,675,063.60. This represents a 2.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 148,592 shares of company stock worth $20,855,132. 7.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RVMD has been the topic of several analyst reports. Truist Financial initiated coverage on shares of Revolution Medicines in a report on Monday, May 18th. They issued a “buy” rating and a $179.00 target price on the stock. Sanford C. Bernstein initiated coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 target price on the stock. Piper Sandler upped their target price on shares of Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a report on Tuesday, April 21st. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Revolution Medicines in a report on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $123.72.

Revolution Medicines Company 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.