Intech Investment Management LLC Invests $1.71 Million in Revolution Medicines, Inc. (NASDAQ:RVMD)

Intech Investment Management LLC bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 37,694 shares of the company’s stock, valued at approximately $1,709,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Revolution Medicines during the third quarter worth approximately $1,220,000. CIBC Asset Management Inc acquired a new stake in Revolution Medicines during the 3rd quarter worth $216,000. KBC Group NV lifted its position in Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after acquiring an additional 368 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Revolution Medicines by 65.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 32,127 shares of the company’s stock valued at $1,457,000 after acquiring an additional 12,744 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Revolution Medicines by 22.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,041 shares of the company’s stock worth $267,000 after purchasing an additional 1,115 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.36, for a total value of $1,510,800.00. Following the sale, the insider now owns 300,170 shares in the company, valued at $15,116,561.20. This represents a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $49.49, for a total value of $824,800.34. Following the completion of the transaction, the insider now directly owns 264,408 shares of the company’s stock, valued at $13,085,551.92. The trade was a 5.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Needham & Company LLC boosted their target price on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Barclays lifted their target price on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Piper Sandler raised their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Finally, 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. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and an average target price of $61.00.

Revolution Medicines Stock Up 1.3 %

Shares of NASDAQ:RVMD opened at $57.50 on Tuesday. Revolution Medicines, Inc. has a 52 week low of $20.98 and a 52 week high of $62.40. The company has a 50-day moving average price of $50.80 and a 200 day moving average price of $44.77. The company has a market cap of $9.67 billion, a P/E ratio of -16.02 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter last year, the business earned ($0.99) earnings per share. Analysts expect that Revolution Medicines, Inc. will post -3.51 EPS for the current year.

About Revolution Medicines

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.