Revolution Medicines, Inc. (NASDAQ:RVMD) Position Increased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 5.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,037 shares of the company’s stock after buying an additional 270 shares during the quarter. CIBC Asset Management Inc’s holdings in Revolution Medicines were worth $220,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Revolution Medicines in the 3rd quarter valued at about $82,000. KBC Group NV increased its holdings in shares of Revolution Medicines by 12.9% in the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after purchasing an additional 368 shares during the period. Avanza Fonder AB acquired a new position in Revolution Medicines in the fourth quarter worth approximately $173,000. Everence Capital Management Inc. acquired a new position in Revolution Medicines in the fourth quarter worth approximately $203,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Revolution Medicines in the third quarter worth approximately $247,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 2,635 shares of Revolution Medicines stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total transaction of $119,629.00. Following the completion of the transaction, the chief financial officer now directly owns 96,470 shares of the company’s stock, valued at approximately $4,379,738. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thilo Schroeder acquired 1,304,347 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were bought at an average cost of $46.00 per share, with a total value of $59,999,962.00. Following the completion of the acquisition, the director now owns 2,096,612 shares of the company’s stock, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 18,678 shares of company stock valued at $847,981. 8.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Wedbush reiterated an “outperform” rating and set a $70.00 price target on shares of Revolution Medicines in a report on Monday, December 2nd. UBS Group increased their price target on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Guggenheim increased their price target on Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Piper Sandler increased their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Eleven investment 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.com, the stock presently has an average rating of “Buy” and an average target price of $66.25.

Revolution Medicines Price Performance

Shares of RVMD stock opened at $41.34 on Wednesday. The stock has a market cap of $6.95 billion, a P/E ratio of -11.52 and a beta of 1.45. Revolution Medicines, Inc. has a one year low of $29.00 and a one year high of $62.40. The stock has a fifty day moving average price of $42.35 and a 200 day moving average price of $46.28.

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.