Point72 Asset Management L.P. Purchases New Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Point72 Asset Management L.P. acquired a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 227,922 shares of the company's stock, valued at approximately $8,846,000. Point72 Asset Management L.P. owned about 0.14% of Revolution Medicines as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Revolution Medicines during the 4th quarter valued at about $8,079,000. UBS Group AG raised its position in Revolution Medicines by 215.5% in the 4th quarter. UBS Group AG now owns 306,558 shares of the company's stock worth $8,792,000 after purchasing an additional 209,399 shares during the period. NEOS Investment Management LLC purchased a new stake in Revolution Medicines in the 4th quarter worth about $313,000. Rafferty Asset Management LLC raised its position in Revolution Medicines by 60.9% in the 4th quarter. Rafferty Asset Management LLC now owns 365,095 shares of the company's stock worth $10,471,000 after purchasing an additional 138,153 shares during the period. Finally, Bain Capital Life Sciences Investors LLC purchased a new stake in Revolution Medicines in the 4th quarter worth about $31,904,000. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock traded up $0.81 on Wednesday, reaching $45.98. The company had a trading volume of 896,833 shares, compared to its average volume of 1,328,710. Revolution Medicines, Inc. has a 52-week low of $15.44 and a 52-week high of $48.61. The firm's 50 day moving average price is $43.66 and its two-hundred day moving average price is $39.86. The firm has a market cap of $7.59 billion, a PE ratio of -12.26 and a beta of 1.43.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The company had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.81 million. During the same quarter in the prior year, the firm posted ($0.92) earnings per share. The firm's revenue for the quarter was down 73.8% compared to the same quarter last year. As a group, sell-side analysts predict that Revolution Medicines, Inc. will post -3.35 EPS for the current year.

Insider Activity

In related news, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total transaction of $97,951.17. Following the completion of the sale, the general counsel now owns 47,088 shares in the company, valued at approximately $1,922,603.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, General Counsel Jeff Cislini sold 2,399 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $40.83, for a total value of $97,951.17. Following the completion of the transaction, the general counsel now owns 47,088 shares in the company, valued at approximately $1,922,603.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark A. Goldsmith sold 25,000 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $14,050,419.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,221 shares of company stock worth $2,552,337. Corporate insiders own 8.00% of the company's stock.

Analyst Ratings Changes

RVMD has been the topic of a number of recent analyst reports. Oppenheimer increased their price objective 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. HC Wainwright reaffirmed a "buy" rating and set a $56.00 target price on shares of Revolution Medicines in a research report on Monday, August 12th. Jefferies Financial Group started coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They set a "buy" rating and a $63.00 target price on the stock. Bank of America raised their target price 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. Finally, Wedbush reaffirmed an "outperform" rating and set a $59.00 target price on shares of Revolution Medicines in a research report on Thursday, August 8th. Ten research 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, Revolution Medicines presently has an average rating of "Buy" and a consensus target price of $54.00.

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.