Geode Capital Management LLC Grows Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Geode Capital Management LLC grew its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 8.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,627,025 shares of the company’s stock after buying an additional 291,369 shares during the period. Geode Capital Management LLC’s holdings in Revolution Medicines were worth $164,517,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RVMD. GAMMA Investing LLC increased its position in shares of Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after acquiring an additional 222 shares in the last quarter. Quarry LP purchased a new stake in Revolution Medicines during the 3rd quarter valued at $82,000. Values First Advisors Inc. bought a new stake in shares of Revolution Medicines in the 3rd quarter worth $93,000. KBC Group NV raised 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 during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock valued at $131,000 after purchasing an additional 320 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. HC Wainwright lifted their price objective on Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Piper Sandler increased their price objective on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer lifted their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Finally, Wedbush reiterated an “outperform” rating and set a $70.00 target price on shares of Revolution Medicines in a research note on Monday, December 2nd. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Buy” and a consensus target price of $63.67.

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $45.01 on Monday. Revolution Medicines, Inc. has a one year low of $25.58 and a one year high of $62.40. The business has a fifty day moving average price of $52.38 and a 200-day moving average price of $45.96. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of -12.54 and a beta of 1.40.

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 last year, the firm posted ($0.99) earnings per share. On average, equities research analysts expect that Revolution Medicines, Inc. will post -3.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Thilo Schroeder purchased 1,304,347 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was acquired at an average cost of $46.00 per share, for a total transaction of $59,999,962.00. Following the completion of the transaction, the director now directly owns 2,096,612 shares in the company, valued at $96,444,152. This trade represents a 164.64 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the sale, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,866 shares of company stock valued at $6,355,624. 8.00% of the stock is owned by corporate insiders.

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.