HighVista Strategies LLC Raises Holdings in Revolution Medicines, Inc. (NASDAQ:RVMD)

HighVista Strategies LLC boosted its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 38.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,562 shares of the company’s stock after acquiring an additional 15,479 shares during the quarter. HighVista Strategies LLC’s holdings in Revolution Medicines were worth $2,520,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Farallon Capital Management LLC grew its stake in shares of Revolution Medicines by 30.0% during the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the period. Logos Global Management LP acquired a new stake in Revolution Medicines during the second quarter valued at $46,572,000. Hood River Capital Management LLC purchased a new position in Revolution Medicines in the second quarter valued at $35,472,000. Charles Schwab Investment Management Inc. raised its position in shares of Revolution Medicines by 58.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after acquiring an additional 653,433 shares during the period. Finally, American Century Companies Inc. purchased a new stake in shares of Revolution Medicines during the 2nd quarter worth about $20,154,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RVMD shares. Needham & Company LLC boosted their price objective on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price target on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Wedbush reissued an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research note on Monday. Guggenheim upped their target price on Revolution Medicines from $72.00 to $82.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, Piper Sandler lifted their price target on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $61.92.

Revolution Medicines Stock Performance

RVMD opened at $51.80 on Tuesday. The business has a fifty day simple moving average of $51.89 and a 200-day simple moving average of $45.35. Revolution Medicines, Inc. has a 52 week low of $23.38 and a 52 week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last posted 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 quarter in the prior year, the business posted ($0.99) earnings per share. On average, equities analysts forecast that Revolution Medicines, Inc. will post -3.51 EPS for the current year.

Insider Transactions at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total value of $449,300.00. Following the transaction, the insider now directly owns 300,170 shares of the company’s stock, valued at $13,486,638.10. This trade represents a 3.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the sale, the director now directly owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,866 shares of company stock valued at $6,355,624. Corporate 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.