Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 26,901 shares of the company’s stock, valued at approximately $1,220,000.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Revolution Medicines by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after acquiring an additional 222 shares during the period. Values First Advisors Inc. bought a new position in Revolution Medicines during the third quarter worth about $93,000. Nisa Investment Advisors LLC boosted its position in Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the period. KBC Group NV increased its stake in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of Revolution Medicines by 7.4% in the second quarter. Amalgamated Bank now owns 5,272 shares of the company’s stock valued at $205,000 after purchasing an additional 365 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RVMD has been the subject of a number of recent research reports. Oppenheimer lifted their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. raised their price target on Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Piper Sandler boosted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Barclays increased their price objective on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, Guggenheim lifted their target price on Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a report on Monday, October 28th. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $61.00.

Revolution Medicines Trading Up 2.0 %

Shares of NASDAQ RVMD opened at $58.63 on Wednesday. The business has a 50-day moving average of $51.10 and a 200-day moving average of $44.92. The firm has a market capitalization of $9.86 billion, a price-to-earnings ratio of -16.33 and a beta of 1.40. Revolution Medicines, Inc. has a 12 month low of $20.98 and a 12 month high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period in the previous year, the company earned ($0.99) EPS. On average, analysts predict that Revolution Medicines, Inc. will post -3.51 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. This trade represents a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Michael Kelsey sold 16,666 shares of Revolution Medicines stock in a transaction on Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the completion of the transaction, the insider now owns 264,408 shares in the company, valued at approximately $13,085,551.92. The trade was a 5.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock worth $6,355,624 over the last 90 days. Corporate insiders own 8.00% of the company’s stock.

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.