Legato Capital Management LLC Takes $784,000 Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Legato Capital Management LLC acquired a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 20,199 shares of the company’s stock, valued at approximately $784,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Revolution Medicines by 51.8% during the fourth quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock worth $419,714,000 after purchasing an additional 4,990,800 shares during the period. Wellington Management Group LLP raised its holdings in shares of Revolution Medicines by 40.8% in the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock worth $426,818,000 after buying an additional 4,309,611 shares in the last quarter. Baker BROS. Advisors LP lifted its position in shares of Revolution Medicines by 46.6% during the 1st quarter. Baker BROS. Advisors LP now owns 7,549,249 shares of the company’s stock worth $243,312,000 after buying an additional 2,400,592 shares during the period. BVF Inc. IL boosted its stake 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 buying an additional 2,000,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Revolution Medicines by 77.9% in the 1st quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock valued at $126,067,000 after buying an additional 1,712,639 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Stock Down 1.1 %

Revolution Medicines stock opened at $43.59 on Wednesday. The business’s 50-day simple moving average is $42.56 and its 200 day simple moving average is $37.46. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of -11.62 and a beta of 1.44. Revolution Medicines, Inc. has a 12-month low of $15.44 and a 12-month high of $48.61.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RVMD. Wedbush reiterated an “outperform” rating and set a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 target price for the company. Barclays boosted their price target on shares of Revolution Medicines from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Finally, Needham & Company LLC cut their target price on shares of Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $52.92.

Insider Buying and Selling at Revolution Medicines

In other news, General Counsel Jeff Cislini sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $38.47, for a total value of $76,940.00. Following the transaction, the general counsel now directly owns 49,487 shares in the company, valued at approximately $1,903,764.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Sushil Patel sold 2,155 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total transaction of $94,820.00. Following the completion of the transaction, the director now directly owns 19,948 shares in the company, valued at approximately $877,712. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Jeff Cislini sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $38.47, for a total value of $76,940.00. Following the completion of the sale, the general counsel now directly owns 49,487 shares of the company’s stock, valued at $1,903,764.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,421 shares of company stock worth $2,637,077. Insiders own 8.00% of the company’s stock.

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.