Lord Abbett & CO. LLC Buys 146,699 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Lord Abbett & CO. LLC grew its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 8.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,978,720 shares of the company's stock after purchasing an additional 146,699 shares during the period. Lord Abbett & CO. LLC owned approximately 1.18% of Revolution Medicines worth $86,549,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. IFP Advisors Inc purchased a new position in shares of Revolution Medicines during the 4th quarter worth approximately $34,000. Sterling Capital Management LLC raised its holdings in shares of Revolution Medicines by 588.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company's stock worth $86,000 after acquiring an additional 1,672 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Revolution Medicines by 368.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock valued at $90,000 after acquiring an additional 1,613 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Revolution Medicines by 521.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company's stock valued at $165,000 after acquiring an additional 3,178 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in Revolution Medicines during the 4th quarter worth about $173,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RVMD has been the topic of a number of recent research reports. Wedbush restated an "outperform" rating and issued a $67.00 target price on shares of Revolution Medicines in a report on Monday. Stifel Nicolaus decreased their target price on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. UBS Group lifted their target price on shares of 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 increased their price target on Revolution Medicines from $72.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $59.00 price objective on shares of Revolution Medicines in a research report on Tuesday, April 8th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $66.67.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock traded down $0.80 during trading on Tuesday, hitting $40.67. The stock had a trading volume of 3,037,755 shares, compared to its average volume of 1,541,632. The firm has a market cap of $7.56 billion, a P/E ratio of -11.33 and a beta of 1.37. Revolution Medicines, Inc. has a fifty-two week low of $29.17 and a fifty-two week high of $62.40. The business has a fifty day moving average of $37.42 and a two-hundred day moving average of $43.95.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($1.12) EPS for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.11). As a group, research analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

Insider Activity

In other Revolution Medicines news, insider Mark A. Goldsmith sold 11,738 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the transaction, the insider now directly owns 441,564 shares in the company, valued at approximately $17,238,658.56. This trade represents a 2.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jack Anders sold 1,864 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the transaction, the chief financial officer now owns 115,006 shares in the company, valued at $4,489,834.24. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,660 shares of company stock worth $650,406. Company 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.