Gabelli Funds LLC Purchases New Holdings in Revolution Medicines, Inc. $RVMD

Gabelli Funds LLC purchased a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,750 shares of the company’s stock, valued at approximately $1,532,000.

A number of other hedge funds have also recently added to or reduced their stakes in RVMD. Nextech Invest Ltd. raised its holdings in Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after acquiring an additional 1,304,347 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Revolution Medicines by 681.8% during the 1st quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock worth $5,529,000 after purchasing an additional 136,353 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Revolution Medicines by 14.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock worth $10,615,000 after purchasing an additional 37,345 shares in the last quarter. Invesco Ltd. increased its position in shares of Revolution Medicines by 19.3% in the second quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after purchasing an additional 36,760 shares during the period. Finally, Jump Financial LLC increased its position in shares of Revolution Medicines by 87.9% in the second quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after purchasing an additional 7,137 shares during the period. Institutional investors own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

RVMD has been the subject of a number of analyst reports. Sanford C. Bernstein initiated coverage on Revolution Medicines in a research note on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price target for the company. Evercore reiterated an “outperform” rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Guggenheim raised their target price on shares of Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Wedbush boosted their target price on shares of Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Finally, Piper Sandler upped their price target on shares of Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.67.

Insider Transactions at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 60,400 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the transaction, the chief operating officer directly owned 158,222 shares of the company’s stock, valued at approximately $25,342,417.74. The trade was a 27.63% 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. Over the last 90 days, insiders have sold 132,497 shares of company stock valued at $21,470,486. Company insiders own 7.60% of the company’s stock.

Revolution Medicines Trading Down 1.6%

Shares of RVMD stock opened at $180.92 on Thursday. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $194.56. The stock’s fifty day moving average price is $171.08 and its two-hundred day moving average price is $133.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The company has a market cap of $38.46 billion, a PE ratio of -25.59 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the business earned ($1.13) earnings per share. Equities analysts predict that Revolution Medicines, Inc. will post -7.92 EPS for the current fiscal year.

About Revolution Medicines

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.