Norges Bank Takes Position in Revolution Medicines, Inc. $RVMD

Norges Bank purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,455,347 shares of the company’s stock, valued at approximately $195,568,000. Norges Bank owned 1.27% of Revolution Medicines as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Zweig DiMenna Associates LLC bought a new position in shares of Revolution Medicines in the fourth quarter valued at approximately $8,331,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Revolution Medicines in the fourth quarter valued at approximately $179,000. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Revolution Medicines in the fourth quarter valued at approximately $797,000. Geode Capital Management LLC increased its position in Revolution Medicines by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,161,963 shares of the company’s stock worth $251,912,000 after acquiring an additional 16,323 shares during the period. Finally, AlphaQuest LLC increased its position in Revolution Medicines by 73.5% during the fourth quarter. AlphaQuest LLC now owns 20,664 shares of the company’s stock worth $1,646,000 after acquiring an additional 8,751 shares during the period. Institutional investors own 94.34% of the company’s stock.

Insider Buying and Selling

In other news, COO Margaret A. Horn sold 4,583 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total value of $455,916.84. Following the sale, the chief operating officer directly owned 157,570 shares in the company, valued at approximately $15,675,063.60. This represents a 2.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark A. Goldsmith sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $150.09, for a total value of $18,010,800.00. Following the completion of the sale, the insider owned 276,698 shares in the company, valued at approximately $41,529,602.82. This represents a 30.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 148,592 shares of company stock worth $20,855,132. Insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. UBS Group assumed coverage on shares of Revolution Medicines in a research report on Friday, February 27th. They set a “buy” rating on the stock. Finally, Benchmark reaffirmed an “overweight” rating on shares of Revolution Medicines in a research report on Tuesday, February 17th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $123.72.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $155.99 on Thursday. The stock has a market cap of $33.16 billion, a P/E ratio of -22.06 and a beta of 1.40. The company’s 50-day simple moving average is $133.04 and its 200 day simple moving average is $106.75. Revolution Medicines, Inc. has a twelve month low of $34.00 and a twelve month high of $166.50. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter last year, the company earned ($1.13) EPS. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.83 earnings per share 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.