Logos Global Management LP Buys Shares of 1,200,000 Revolution Medicines, Inc. (NASDAQ:RVMD)

Logos Global Management LP acquired a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,200,000 shares of the company’s stock, valued at approximately $46,572,000. Revolution Medicines accounts for about 3.7% of Logos Global Management LP’s holdings, making the stock its 7th largest holding. Logos Global Management LP owned about 0.73% of Revolution Medicines at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RVMD. Vanguard Group Inc. grew 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 valued at $419,714,000 after acquiring an additional 4,990,800 shares in the last quarter. Wellington Management Group LLP increased its position in Revolution Medicines by 40.8% during the 4th 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 in the last quarter. Baker BROS. Advisors LP increased its position in Revolution Medicines by 46.6% in the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock valued at $243,312,000 after acquiring an additional 2,400,592 shares during the period. Farallon Capital Management LLC increased its position in Revolution Medicines by 30.0% in the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after acquiring an additional 2,249,820 shares during the period. Finally, BVF Inc. IL increased its position in Revolution Medicines by 50.2% in the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after acquiring an additional 2,000,000 shares during the period. Institutional investors own 94.34% of the company’s stock.

Insider Activity

In related news, insider Mark A. Goldsmith sold 25,000 shares of the company’s stock in a transaction 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 sale, the insider now directly 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 link. In related news, insider Mark A. Goldsmith sold 25,000 shares of Revolution Medicines stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the sale, the insider now owns 311,885 shares in the company, valued at $14,050,419.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Stephen Michael Kelsey sold 16,667 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $46.47, for a total transaction of $774,515.49. Following the completion of the transaction, the insider now owns 269,073 shares of the company’s stock, valued at $12,503,822.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,221 shares of company stock valued at $2,629,277. 8.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RVMD. Wedbush reaffirmed an “outperform” rating and issued a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Needham & Company LLC dropped their price objective on shares of Revolution Medicines from $62.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Bank of America increased their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. HC Wainwright reiterated a “buy” rating and issued a $56.00 target price on shares of Revolution Medicines in a report on Monday, August 12th. Finally, Barclays raised their price objective on shares of Revolution Medicines from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Revolution Medicines has a consensus rating of “Buy” and an average target price of $53.45.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $42.63 on Tuesday. Revolution Medicines, Inc. has a 1 year low of $15.44 and a 1 year high of $48.61. The firm has a market cap of $7.03 billion, a PE ratio of -11.37 and a beta of 1.43. The company has a 50 day simple moving average of $43.91 and a two-hundred day simple moving average of $39.31.

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

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.