First Turn Management LLC Buys Shares of 329,519 Revolution Medicines, Inc. (NASDAQ:RVMD)

First Turn Management LLC bought a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 329,519 shares of the company’s stock, valued at approximately $12,789,000. Revolution Medicines comprises approximately 2.1% of First Turn Management LLC’s holdings, making the stock its 25th largest position. First Turn Management LLC owned about 0.20% of Revolution Medicines at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Nicholas Investment Partners LP purchased a new stake in Revolution Medicines during the second quarter valued at approximately $6,137,000. American Century Companies Inc. bought a new position in shares of Revolution Medicines in the second quarter worth approximately $20,154,000. Arizona State Retirement System boosted its position in shares of Revolution Medicines by 15.6% in the second quarter. Arizona State Retirement System now owns 32,273 shares of the company’s stock worth $1,253,000 after purchasing an additional 4,349 shares during the period. Rhumbline Advisers boosted its position in shares of Revolution Medicines by 9.2% in the second quarter. Rhumbline Advisers now owns 228,567 shares of the company’s stock worth $8,871,000 after purchasing an additional 19,257 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Revolution Medicines by 48.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,562 shares of the company’s stock worth $953,000 after purchasing an additional 7,994 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RVMD shares. Needham & Company LLC dropped their price target on shares of Revolution Medicines from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Bank of America upped their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Wedbush reiterated an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. HC Wainwright reiterated a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a research report on Monday, August 12th. Finally, Oppenheimer upped their target price on shares of Revolution Medicines from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $52.92.

Revolution Medicines Trading Up 0.7 %

RVMD stock opened at $41.97 on Friday. Revolution Medicines, Inc. has a 52 week low of $15.44 and a 52 week high of $48.61. The company has a fifty day simple moving average of $43.67 and a two-hundred day simple moving average of $38.50.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.81 million. During the same period in the prior year, the business earned ($0.92) EPS. The firm’s revenue was down 73.8% compared to the same quarter last year. On average, equities analysts predict that Revolution Medicines, Inc. will post -3.47 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction on Friday, July 12th. The shares were 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 $14,050,419.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Mark A. Goldsmith sold 25,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the sale, the insider now owns 311,885 shares in the company, valued at approximately $14,050,419.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Jeff Cislini sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $38.47, for a total transaction of $76,940.00. Following the completion of the sale, the general counsel now owns 49,487 shares of the company’s stock, valued at approximately $1,903,764.89. The disclosure for this sale can be found here. Insiders sold 58,421 shares of company stock worth $2,637,077 over the last 90 days. 8.00% of the stock is owned by 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.