Ensign Peak Advisors Inc Increases Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Ensign Peak Advisors Inc lifted its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 577.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 269,504 shares of the company’s stock after purchasing an additional 229,721 shares during the period. Ensign Peak Advisors Inc owned about 0.16% of Revolution Medicines worth $10,459,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sei Investments Co. increased its position in Revolution Medicines by 175.8% during the second quarter. Sei Investments Co. now owns 45,149 shares of the company’s stock worth $1,752,000 after buying an additional 28,778 shares in the last quarter. XTX Topco Ltd purchased a new stake in Revolution Medicines during the 2nd quarter worth about $920,000. Seven Eight Capital LP raised its stake in Revolution Medicines by 1.6% in the 2nd quarter. Seven Eight Capital LP now owns 69,602 shares of the company’s stock valued at $2,701,000 after purchasing an additional 1,108 shares during the last quarter. Amalgamated Bank lifted its holdings in Revolution Medicines by 7.4% in the 2nd quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares in the last quarter. Finally, Sofinnova Investments Inc. acquired a new stake in shares of Revolution Medicines during the 2nd quarter worth about $17,662,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

NASDAQ RVMD opened at $44.40 on Wednesday. The business’s 50-day simple moving average is $43.87 and its 200-day simple moving average is $39.40. The firm has a market capitalization of $7.33 billion, a P/E ratio of -11.84 and a beta of 1.43. Revolution Medicines, Inc. has a 1-year low of $15.44 and a 1-year high of $48.61.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.81 million. During the same period in the prior year, the company posted ($0.92) EPS. The firm’s revenue for the quarter was down 73.8% compared to the same quarter last year. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.47 EPS for the current fiscal year.

Insider Activity at Revolution Medicines

In other news, General Counsel Jeff Cislini sold 2,399 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total transaction of $97,951.17. Following the sale, the general counsel now owns 47,088 shares in the company, valued at $1,922,603.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total value of $94,820.00. Following the completion of the sale, the director now owns 19,948 shares in the company, valued at $877,712. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Jeff Cislini sold 2,399 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $40.83, for a total transaction of $97,951.17. Following the completion of the sale, the general counsel now directly owns 47,088 shares of the company’s stock, valued at approximately $1,922,603.04. The disclosure for this sale can be found here. In the last three months, insiders sold 56,221 shares of company stock worth $2,552,337. Corporate insiders own 8.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Oppenheimer boosted their price objective on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Needham & Company LLC reduced their price target on Revolution Medicines from $62.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Revolution Medicines in a research report on Monday, August 12th. Jefferies Financial Group assumed coverage on Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. Finally, Wedbush restated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a report on Thursday, August 8th. Ten 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 MarketBeat, the company currently has an average rating of “Buy” and an average target price of $53.45.

Revolution Medicines Company 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.