Adage Capital Partners GP L.L.C. Has $28.43 Million Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Adage Capital Partners GP L.L.C. raised its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 124.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 650,000 shares of the company's stock after purchasing an additional 360,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.39% of Revolution Medicines worth $28,431,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Revolution Medicines by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company's stock valued at $747,799,000 after acquiring an additional 2,185,082 shares during the period. FMR LLC boosted its stake in shares of Revolution Medicines by 14.7% in the 4th quarter. FMR LLC now owns 6,742,083 shares of the company's stock valued at $294,899,000 after purchasing an additional 866,190 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Revolution Medicines by 10.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,865,962 shares of the company's stock worth $256,578,000 after purchasing an additional 552,657 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Revolution Medicines by 12.7% during the 4th quarter. Geode Capital Management LLC now owns 4,086,199 shares of the company's stock valued at $180,171,000 after purchasing an additional 459,174 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Revolution Medicines by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,114 shares of the company's stock valued at $84,467,000 after buying an additional 167,997 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RVMD has been the subject of several recent analyst reports. UBS Group raised their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Wedbush reiterated an "outperform" rating and issued a $67.00 price objective on shares of Revolution Medicines in a research report on Monday. Needham & Company LLC reaffirmed a "buy" rating and set a $59.00 price objective on shares of Revolution Medicines in a report on Tuesday, April 8th. HC Wainwright upped their price target on Revolution Medicines from $72.00 to $73.00 and gave the company a "buy" rating in a research note on Monday, March 3rd. Finally, Stifel Nicolaus lowered their price objective on Revolution Medicines from $78.00 to $64.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Revolution Medicines presently has an average rating of "Buy" and an average price target of $66.67.

Revolution Medicines Stock Up 7.0 %

Revolution Medicines stock traded up $2.70 during midday trading on Monday, hitting $41.47. 2,872,304 shares of the stock were exchanged, compared to its average volume of 1,437,485. Revolution Medicines, Inc. has a 52 week low of $29.17 and a 52 week high of $62.40. The stock has a market capitalization of $7.71 billion, a PE ratio of -11.55 and a beta of 1.37. The company has a fifty day simple moving average of $37.42 and a two-hundred day simple moving average of $43.95.

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

Insiders Place Their Bets

In related news, CFO Jack Anders sold 1,864 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total transaction of $72,770.56. Following the sale, the chief financial officer now directly owns 115,006 shares in the company, valued at $4,489,834.24. This trade represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Margaret A. Horn sold 3,058 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $119,384.32. Following the completion of the transaction, the chief operating officer now directly owns 153,533 shares of the company's stock, valued at approximately $5,993,928.32. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,660 shares of company stock worth $650,406 over the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Revolution Medicines Company 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.