Handelsbanken Fonder AB Raises Stock Position in Revolution Medicines, Inc. $RVMD

Handelsbanken Fonder AB raised its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 243.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 212,275 shares of the company’s stock after purchasing an additional 150,500 shares during the quarter. Handelsbanken Fonder AB owned about 0.10% of Revolution Medicines worth $39,755,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Revolution Medicines during the 4th quarter valued at approximately $195,568,000. Avoro Capital Advisors LLC purchased a new position in Revolution Medicines in the fourth quarter worth approximately $172,840,000. UBS Group AG grew its position in Revolution Medicines by 183.6% in the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock worth $245,954,000 after acquiring an additional 1,998,972 shares during the period. Polar Capital Holdings Plc increased its stake in Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock worth $160,398,000 after acquiring an additional 1,535,686 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in Revolution Medicines by 197.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock worth $175,672,000 after acquiring an additional 1,463,155 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Down 0.7%

Shares of NASDAQ RVMD opened at $205.55 on Wednesday. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of -23.30 and a beta of 1.39. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines, Inc. has a 52-week low of $34.21 and a 52-week high of $208.76. The business’s 50 day moving average is $178.61 and its two-hundred day moving average is $138.84.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period last year, the firm posted ($1.31) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -8.65 EPS for the current year.

Insider Activity

In related news, Director Sushil Patel sold 5,580 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director directly owned 21,656 shares of the company’s stock, valued at $4,071,111.44. This represents a 20.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $1,564,322.40. Following the transaction, the insider directly owned 267,330 shares of the company’s stock, valued at $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. 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 sold 132,497 shares of company stock worth $21,470,486 over the last 90 days. Company insiders own 7.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on RVMD. Piper Sandler upped their price target on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. Guggenheim boosted their price objective on shares of Revolution Medicines from $235.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Mizuho boosted their price objective on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Wedbush upped their target price on shares of Revolution Medicines from $192.10 to $201.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $161.79.

Revolution Medicines Company Profile

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.