Wedmont Private Capital Cuts Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Wedmont Private Capital lessened its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 16.0% during the fourth quarter, HoldingsChannel reports. The firm owned 40,000 shares of the company’s stock after selling 7,600 shares during the period. Wedmont Private Capital’s holdings in Revolution Medicines were worth $1,671,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Revolution Medicines by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock worth $28,000 after acquiring an additional 222 shares in the last quarter. Quarry LP purchased a new stake in shares of Revolution Medicines during the third quarter valued at approximately $82,000. Values First Advisors Inc. acquired a new position in shares of Revolution Medicines during the third quarter worth $93,000. KBC Group NV boosted 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 valued at $146,000 after purchasing an additional 368 shares during the period. Finally, Everence Capital Management Inc. acquired a new stake in Revolution Medicines during the 4th quarter valued at $203,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RVMD. Guggenheim boosted their price objective on shares of Revolution Medicines from $82.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. UBS Group boosted their price target on Revolution Medicines from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. 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. upped their target price on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $68.00 price target on shares of Revolution Medicines in a research note on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Revolution Medicines has an average rating of “Buy” and an average target price of $66.25.

Revolution Medicines Stock Up 1.9 %

Shares of NASDAQ:RVMD opened at $42.57 on Tuesday. The firm has a 50-day simple moving average of $49.91 and a 200 day simple moving average of $46.70. Revolution Medicines, Inc. has a fifty-two week low of $25.93 and a fifty-two week high of $62.40. The company has a market cap of $7.16 billion, a PE ratio of -11.86 and a beta of 1.46.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period last year, the business posted ($0.99) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -3.5 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, CFO Jack Anders sold 2,635 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $119,629.00. Following the completion of the transaction, the chief financial officer now directly owns 96,470 shares of the company’s stock, valued at $4,379,738. This represents a 2.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Margaret A. Horn sold 4,329 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $196,536.60. Following the completion of the sale, the chief operating officer now owns 127,991 shares in the company, valued at approximately $5,810,791.40. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,678 shares of company stock worth $847,981. 8.00% of the stock is owned by insiders.

Revolution Medicines 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.