Rhumbline Advisers Purchases 24,473 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Rhumbline Advisers lifted its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 10.8% during the fourth quarter, HoldingsChannel reports. The firm owned 251,465 shares of the company’s stock after purchasing an additional 24,473 shares during the quarter. Rhumbline Advisers’ holdings in Revolution Medicines were worth $10,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new position in shares of Revolution Medicines during the 3rd quarter worth $82,000. KBC Group NV increased its holdings in Revolution Medicines by 12.9% during the 3rd quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after acquiring an additional 368 shares during the period. Avanza Fonder AB bought a new stake in Revolution Medicines during the fourth quarter valued at $173,000. Everence Capital Management Inc. purchased a new position in shares of Revolution Medicines during the fourth quarter worth about $203,000. Finally, CIBC Asset Management Inc purchased a new position in Revolution Medicines in the 3rd quarter worth approximately $216,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Trading Down 2.2 %

Shares of RVMD opened at $41.34 on Monday. The company has a market cap of $6.95 billion, a price-to-earnings ratio of -11.52 and a beta of 1.45. The business’s fifty day simple moving average is $42.49 and its two-hundred day simple moving average is $46.29. Revolution Medicines, Inc. has a 12 month low of $28.65 and a 12 month high of $62.40.

Insider Activity

In related news, Director Thilo Schroeder bought 1,304,347 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was acquired at an average price of $46.00 per share, with a total value of $59,999,962.00. Following the transaction, the director now owns 2,096,612 shares in the company, valued at approximately $96,444,152. This trade represents a 164.64 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark A. Goldsmith sold 11,714 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $531,815.60. Following the sale, the insider now owns 325,056 shares of the company’s stock, valued at approximately $14,757,542.40. This trade represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,678 shares of company stock valued at $847,981 over the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on RVMD. Piper Sandler increased their price objective on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer increased their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. UBS Group boosted their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lifted their price target on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, HC Wainwright upped their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines presently has an average rating of “Buy” and a consensus target price of $66.25.

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.