Franklin Resources Inc. Invests $9.26 Million in Revolution Medicines, Inc. $RVMD

Franklin Resources Inc. acquired a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 251,780 shares of the company’s stock, valued at approximately $9,263,000.

A number of other large investors have also added to or reduced their stakes in the business. S&CO Inc. increased its holdings in Revolution Medicines by 54.5% in the second quarter. S&CO Inc. now owns 14,171 shares of the company’s stock valued at $521,000 after purchasing an additional 5,000 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Revolution Medicines during the 2nd quarter worth about $3,639,000. Harbor Capital Advisors Inc. grew its position in shares of Revolution Medicines by 64.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 58,323 shares of the company’s stock valued at $2,146,000 after buying an additional 22,906 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Revolution Medicines by 7.6% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 71,311 shares of the company’s stock valued at $2,624,000 after buying an additional 5,060 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Revolution Medicines during the first quarter worth about $502,000. Institutional investors own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RVMD. Wedbush increased their target price on shares of Revolution Medicines from $77.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Royal Bank Of Canada initiated coverage on shares of Revolution Medicines in a research report on Monday, November 3rd. They set an “outperform” rating and a $77.00 price objective for the company. The Goldman Sachs Group lifted their target price on shares of Revolution Medicines from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Truist Financial initiated coverage on shares of Revolution Medicines in a research report on Friday, September 5th. They set a “buy” rating and a $99.00 price target on the stock. Finally, HC Wainwright lifted their price objective on Revolution Medicines from $72.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $78.50.

Revolution Medicines Trading Up 0.3%

NASDAQ:RVMD opened at $77.78 on Friday. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $78.17. The company has a current ratio of 8.05, a quick ratio of 8.05 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $15.04 billion, a price-to-earnings ratio of -15.04 and a beta of 1.25. The firm has a fifty day simple moving average of $57.09 and a two-hundred day simple moving average of $45.24.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($1.61) earnings per share for the quarter, missing the consensus estimate of ($1.39) by ($0.22). During the same quarter in the previous year, the business posted ($0.94) EPS. Analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Stephen Michael Kelsey sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.08, for a total transaction of $4,408,000.00. Following the completion of the sale, the insider owned 289,414 shares in the company, valued at $12,757,369.12. The trade was a 25.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jack Anders sold 5,238 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total value of $210,410.46. Following the completion of the transaction, the chief financial officer owned 113,314 shares in the company, valued at approximately $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 318,033 shares of company stock valued at $17,479,308. 8.20% of the stock is owned by company insiders.

Revolution Medicines Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.