Farallon Capital Management LLC Boosts Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Farallon Capital Management LLC lifted its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 30.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,757,692 shares of the company’s stock after buying an additional 2,249,820 shares during the period. Revolution Medicines makes up 1.8% of Farallon Capital Management LLC’s holdings, making the stock its 15th biggest position. Farallon Capital Management LLC owned 5.84% of Revolution Medicines worth $378,696,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RVMD. Vanguard Group Inc. lifted its stake in shares of Revolution Medicines by 51.8% in the fourth quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock worth $419,714,000 after buying an additional 4,990,800 shares in the last quarter. Wellington Management Group LLP raised its stake in Revolution Medicines by 40.8% during the fourth quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock worth $426,818,000 after purchasing an additional 4,309,611 shares during the period. Baker BROS. Advisors LP raised its stake in Revolution Medicines by 46.6% during the first quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after purchasing an additional 2,400,592 shares during the period. BVF Inc. IL raised its stake in Revolution Medicines by 50.2% during the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock worth $171,541,000 after purchasing an additional 2,000,000 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Revolution Medicines by 77.9% during the first quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock worth $126,067,000 after purchasing an additional 1,712,639 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $42.63 on Tuesday. The stock has a market capitalization of $7.03 billion, a P/E ratio of -11.37 and a beta of 1.43. The company has a 50 day moving average price of $43.91 and a 200 day moving average price of $39.31. Revolution Medicines, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $48.61.

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

Insider Activity at Revolution Medicines

In related news, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction that occurred 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 transaction, the director now owns 19,948 shares in the company, valued at $877,712. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Revolution Medicines news, insider Mark A. Goldsmith sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $45.05, for a total transaction of $1,126,250.00. Following the completion of the transaction, the insider now owns 311,885 shares in the company, valued at approximately $14,050,419.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sushil Patel sold 2,155 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total transaction of $94,820.00. Following the transaction, the director now owns 19,948 shares of the company’s stock, valued at approximately $877,712. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,221 shares of company stock worth $2,629,277. Corporate insiders own 8.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. JPMorgan Chase & Co. reduced their target price on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Oppenheimer lifted their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. HC Wainwright reaffirmed a “buy” rating and set a $56.00 target price on shares of Revolution Medicines in a research note on Monday, August 12th. Finally, Jefferies Financial Group started coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Revolution Medicines presently has a consensus rating of “Buy” and an average target price of $53.45.

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.