Revolution Medicines, Inc. $RVMD Stock: Sumitomo Mitsui Trust Group Inc. Increases Position

Sumitomo Mitsui Trust Group Inc. raised its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 23.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 378,702 shares of the company’s stock after acquiring an additional 72,402 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Revolution Medicines were worth $77,732,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Equitable Holdings Inc. purchased a new position in Revolution Medicines during the second quarter worth $963,000. State of Wyoming purchased a new stake in Revolution Medicines during the 2nd quarter worth about $1,769,000. Handelsbanken Fonder AB increased its position in Revolution Medicines by 243.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after purchasing an additional 150,500 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Revolution Medicines during the 2nd quarter worth about $112,566,000. Finally, Assenagon Asset Management S.A. acquired a new position in Revolution Medicines in the 2nd quarter valued at about $37,547,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, COO Margaret Horn sold 4,967 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the sale, the chief operating officer directly owned 149,680 shares of the company’s stock, valued at approximately $29,822,243.20. This trade represents a 3.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Goldsmith sold 13,988 shares of Revolution Medicines stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $2,786,969.12. Following the completion of the sale, the insider owned 253,342 shares of the company’s stock, valued at $50,475,860.08. This trade represents a 5.23% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 290,991 shares of company stock worth $59,422,765 in the last quarter. 7.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RVMD shares. Brookline Capital Markets assumed coverage on shares of Revolution Medicines in a report on Monday, September 28th. They issued a “buy” rating and a $318.00 target price on the stock. Wolfe Research reiterated an “outperform” rating and set a $220.00 price target on shares of Revolution Medicines in a report on Monday, August 10th. Oppenheimer lifted their price target on shares of Revolution Medicines from $230.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research report on Thursday, October 15th. Finally, William Blair began coverage on shares of Revolution Medicines in a research note on Friday, October 16th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.90.

Revolution Medicines Trading Up 3.2%

Shares of NASDAQ:RVMD opened at $194.23 on Wednesday. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines, Inc. has a 52 week low of $57.74 and a 52 week high of $224.31. The business has a fifty day simple moving average of $198.45 and a 200-day simple moving average of $156.51.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the previous year, the business posted ($1.31) earnings per share. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -8.94 EPS for the current year.

About Revolution Medicines

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.