Englebert Financial Advisers LLC bought a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,441 shares of the company’s stock, valued at approximately $912,000. Revolution Medicines makes up about 0.9% of Englebert Financial Advisers LLC’s holdings, making the stock its 26th biggest holding.
Several other institutional investors have also recently made changes to their positions in RVMD. Equitable Holdings Inc. bought a new stake in shares of Revolution Medicines in the second quarter worth about $963,000. State of Wyoming bought a new position in Revolution Medicines in the second quarter worth $1,769,000. Handelsbanken Fonder AB grew its holdings in Revolution Medicines by 243.6% in the second quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after purchasing an additional 150,500 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Revolution Medicines during the second quarter valued at approximately $112,566,000. Finally, Assenagon Asset Management S.A. purchased a new position in Revolution Medicines during the second quarter valued at $37,547,000. Institutional investors own 94.34% of the company’s stock.
Revolution Medicines Trading Up 7.9%
Revolution Medicines stock opened at $196.55 on Wednesday. Revolution Medicines, Inc. has a one year low of $52.48 and a one year high of $224.31. The business’s fifty day moving average is $202.54 and its 200 day moving average is $175.28. The stock has a market capitalization of $42.13 billion, a PE ratio of -22.28 and a beta of 1.40. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38.
Revolution Medicines (NASDAQ:RVMD – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter last year, the company posted ($1.31) EPS. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -8.93 EPS for the current year.
Insiders Place Their Bets
In other news, insider Mark A. Goldsmith sold 13,988 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $2,786,969.12. Following the transaction, the insider owned 253,342 shares in the company, valued at $50,475,860.08. This represents a 5.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 4,967 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total transaction of $989,625.08. Following the completion of the transaction, the chief operating officer directly owned 149,680 shares in the company, valued at approximately $29,822,243.20. The trade was a 3.21% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 290,991 shares of company stock worth $59,422,765 in the last 90 days. Insiders own 7.60% of the company’s stock.
Wall Street Analysts Forecast Growth
RVMD has been the topic of several recent analyst reports. HC Wainwright increased their price objective on shares of Revolution Medicines from $195.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. TD Cowen reaffirmed a “buy” rating on shares of Revolution Medicines in a report on Thursday, October 8th. Brookline Capital Markets started coverage on shares of Revolution Medicines in a report on Monday, September 28th. They set a “buy” rating and a $318.00 price target on the stock. Guggenheim raised their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Finally, The Goldman Sachs Group started coverage on shares of Revolution Medicines in a research report on Thursday, September 24th. They set a “buy” rating and a $267.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.60.
View Our Latest Stock Report on RVMD
Revolution Medicines Profile
Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.
Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.
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