Revolution Medicines, Inc. (NASDAQ:RVMD – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $20.01, but opened at $20.51. Revolution Medicines shares last traded at $20.40, with a volume of 162 shares changing hands.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. Bank of America assumed coverage on shares of Revolution Medicines in a report on Friday, May 20th. They set a “neutral” rating and a $24.00 price objective on the stock. SVB Leerink dropped their price objective on shares of Revolution Medicines from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, August 10th. Finally, HC Wainwright dropped their price objective on shares of Revolution Medicines from $40.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, August 17th.
Revolution Medicines Trading Up 3.1 %
The firm’s 50-day moving average price is $22.65 and its 200 day moving average price is $20.85.
Insiders Place Their Bets
In other news, Director Lorence H. Kim acquired 50,000 shares of Revolution Medicines stock in a transaction on Friday, July 22nd. The stock was acquired at an average cost of $20.00 per share, with a total value of $1,000,000.00. Following the transaction, the director now owns 60,500 shares of the company’s stock, valued at approximately $1,210,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Revolution Medicines
A number of institutional investors have recently added to or reduced their stakes in the company. Column Group LLC grew its position in Revolution Medicines by 31.3% in the 2nd quarter. Column Group LLC now owns 4,395,050 shares of the company’s stock worth $85,660,000 after purchasing an additional 1,047,805 shares in the last quarter. Farallon Capital Management LLC boosted its stake in Revolution Medicines by 18.2% in the first quarter. Farallon Capital Management LLC now owns 3,250,000 shares of the company’s stock valued at $82,908,000 after acquiring an additional 500,000 shares during the last quarter. State Street Corp boosted its stake in Revolution Medicines by 8.8% in the second quarter. State Street Corp now owns 3,094,982 shares of the company’s stock valued at $60,321,000 after acquiring an additional 251,505 shares during the last quarter. Nextech Invest AG purchased a new position in Revolution Medicines in the fourth quarter valued at about $74,710,000. Finally, Woodline Partners LP boosted its stake in Revolution Medicines by 237.0% in the fourth quarter. Woodline Partners LP now owns 2,930,038 shares of the company’s stock valued at $73,749,000 after acquiring an additional 2,060,554 shares during the last quarter. 86.70% of the stock is owned by institutional investors.
About Revolution Medicines
Revolution Medicines, Inc, a clinical-stage precision oncology company, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic and colorectal cancer tumors.
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