Sofinnova Investments Inc. Purchases Shares of 455,099 Revolution Medicines, Inc. (NASDAQ:RVMD)

Sofinnova Investments Inc. bought a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 455,099 shares of the company’s stock, valued at approximately $17,662,000. Revolution Medicines accounts for about 0.9% of Sofinnova Investments Inc.’s portfolio, making the stock its 29th largest holding. Sofinnova Investments Inc. owned about 0.28% of Revolution Medicines as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in RVMD. Charles Schwab Investment Management Inc. raised its position in Revolution Medicines by 36.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,042,967 shares of the company’s stock valued at $29,912,000 after purchasing an additional 276,298 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Revolution Medicines by 10.6% in the fourth quarter. Teacher Retirement System of Texas now owns 23,375 shares of the company’s stock valued at $670,000 after buying an additional 2,238 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Revolution Medicines by 8.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,795,421 shares of the company’s stock valued at $51,496,000 after buying an additional 133,558 shares during the period. Principal Financial Group Inc. lifted its position in Revolution Medicines by 22.8% during the 4th quarter. Principal Financial Group Inc. now owns 30,194 shares of the company’s stock worth $866,000 after acquiring an additional 5,614 shares in the last quarter. Finally, Norges Bank purchased a new position in Revolution Medicines in the 4th quarter worth approximately $8,079,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Insider Buying and Selling

In other Revolution Medicines news, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $40.83, for a total value of $97,951.17. Following the sale, the general counsel now directly owns 47,088 shares of the company’s stock, valued at $1,922,603.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Revolution Medicines news, insider Mark A. Goldsmith sold 25,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jeff Cislini sold 2,399 shares of Revolution Medicines stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total transaction of $97,951.17. Following the sale, the general counsel now owns 47,088 shares in the company, valued at $1,922,603.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,421 shares of company stock valued at $2,637,077. Insiders own 8.00% of the company’s stock.

Revolution Medicines Trading Up 1.9 %

RVMD stock opened at $44.54 on Tuesday. The stock’s 50 day simple moving average is $43.89 and its 200 day simple moving average is $38.82. Revolution Medicines, Inc. has a 12-month low of $15.44 and a 12-month high of $48.61. The firm has a market cap of $7.44 billion, a P/E ratio of -11.88 and a beta of 1.43.

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 analysts’ consensus estimates of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same quarter in the prior year, the company earned ($0.92) earnings per share. The firm’s revenue was down 73.8% compared to the same quarter last year. On average, research analysts forecast that Revolution Medicines, Inc. will post -3.47 EPS for the current fiscal year.

Analyst Ratings Changes

RVMD has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on shares of Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Jefferies Financial Group started coverage on shares of Revolution Medicines in a report on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective on the stock. Wedbush restated 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. cut their price target on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Finally, Bank of America raised their price objective on Revolution Medicines from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Eleven equities research 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, the company presently has a consensus rating of “Buy” and an average target price of $52.92.

Revolution Medicines Company 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.