Price T Rowe Associates Inc. MD Buys 1,414,774 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Price T Rowe Associates Inc. MD raised its stake in Revolution Medicines, Inc. (NASDAQ:RVMD – Get Rating) by 63.2% during the third quarter, HoldingsChannel.com reports. The fund owned 3,652,628 shares of the company’s stock after acquiring an additional 1,414,774 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Revolution Medicines were worth $72,030,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RVMD. Pura Vida Investments LLC bought a new stake in shares of Revolution Medicines during the third quarter worth $1,873,000. Ensign Peak Advisors Inc grew its holdings in shares of Revolution Medicines by 22.1% during the third quarter. Ensign Peak Advisors Inc now owns 14,640 shares of the company’s stock worth $289,000 after purchasing an additional 2,650 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Revolution Medicines by 8.2% during the third quarter. First Trust Advisors LP now owns 14,386 shares of the company’s stock worth $284,000 after purchasing an additional 1,091 shares during the last quarter. BVF Inc. IL grew its holdings in shares of Revolution Medicines by 44.3% during the third quarter. BVF Inc. IL now owns 3,255,588 shares of the company’s stock worth $64,200,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Revolution Medicines by 30.2% during the third quarter. Bank of New York Mellon Corp now owns 257,865 shares of the company’s stock worth $5,085,000 after purchasing an additional 59,854 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RVMD shares. Guggenheim restated a “buy” rating and set a $38.00 target price on shares of Revolution Medicines in a report on Tuesday, February 28th. HC Wainwright upped their price target on Revolution Medicines from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, December 8th. JPMorgan Chase & Co. raised Revolution Medicines from a “neutral” rating to an “overweight” rating and upped their price target for the company from $32.00 to $38.00 in a research note on Tuesday, February 28th. The Goldman Sachs Group upped their price target on Revolution Medicines from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, March 1st. Finally, Oppenheimer upped their price target on Revolution Medicines from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.25.

Revolution Medicines Trading Up 8.8 %

NASDAQ:RVMD opened at $22.58 on Tuesday. Revolution Medicines, Inc. has a 1-year low of $14.08 and a 1-year high of $31.37. The business’s 50-day moving average price is $25.59 and its two-hundred day moving average price is $22.61. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -7.28 and a beta of 1.49.

Revolution Medicines (NASDAQ:RVMD – Get Rating) last released its earnings results on Monday, February 27th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.21. Revolution Medicines had a negative return on equity of 41.17% and a negative net margin of 702.95%. The firm had revenue of $15.33 million for the quarter, compared to analyst estimates of $6.75 million. Sell-side analysts predict that Revolution Medicines, Inc. will post -3.71 earnings per share for the current year.

Insider Buying and Selling at Revolution Medicines

In related news, Director Thilo Schroeder bought 550,000 shares of the business’s stock in a transaction on Tuesday, March 7th. The shares were purchased at an average price of $22.00 per share, with a total value of $12,100,000.00. Following the completion of the purchase, the director now owns 1,453,134 shares of the company’s stock, valued at approximately $31,968,948. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 18.80% of the company’s stock.

Revolution Medicines Company Profile

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Revolution Medicines, Inc, a clinical-stage precision oncology company, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic and colorectal cancer tumors.