CIBC Asset Management Inc Invests $239,000 in Revolution Medicines, Inc. $RVMD

CIBC Asset Management Inc purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the third quarter, HoldingsChannel.com reports. The firm purchased 5,121 shares of the company’s stock, valued at approximately $239,000.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Revolution Medicines during the second quarter worth approximately $62,584,000. Nextech Invest Ltd. lifted its holdings in Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after purchasing an additional 1,304,347 shares during the last quarter. Vestal Point Capital LP acquired a new stake in Revolution Medicines during the 2nd quarter worth approximately $44,148,000. HRT Financial LP boosted its stake in Revolution Medicines by 2,795.5% in the 2nd quarter. HRT Financial LP now owns 686,426 shares of the company’s stock valued at $25,253,000 after purchasing an additional 662,719 shares during the period. Finally, Qube Research & Technologies Ltd grew its holdings in Revolution Medicines by 329.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 786,017 shares of the company’s stock valued at $28,918,000 after buying an additional 602,877 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RVMD. HC Wainwright lifted their target price on Revolution Medicines from $72.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Raymond James Financial lifted their price objective on shares of Revolution Medicines from $72.00 to $76.00 and gave the stock a “strong-buy” rating in a research note on Friday, October 17th. UBS Group raised shares of Revolution Medicines to a “strong-buy” rating in a report on Thursday, December 4th. National Bankshares set a $80.00 target price on shares of Revolution Medicines in a report on Friday, October 17th. Finally, Mizuho started coverage on shares of Revolution Medicines in a research report on Tuesday, October 21st. They issued an “outperform” rating and a $90.00 price target for the company. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $78.94.

Revolution Medicines Trading Up 0.9%

Shares of Revolution Medicines stock opened at $98.20 on Friday. The company has a quick ratio of 8.05, a current ratio of 8.05 and a debt-to-equity ratio of 0.16. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $124.49. The company has a market capitalization of $18.98 billion, a price-to-earnings ratio of -18.99 and a beta of 0.99. The firm’s 50-day moving average price is $89.98 and its two-hundred day moving average price is $61.34.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, November 5th. The company reported ($1.61) EPS for the quarter, missing the consensus estimate of ($1.39) by ($0.22). During the same quarter in the prior year, the business posted ($0.94) EPS. On average, analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Margaret A. Horn sold 75,000 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $100.56, for a total transaction of $7,542,000.00. Following the completion of the sale, the chief operating officer directly owned 141,053 shares in the company, valued at $14,184,289.68. This represents a 34.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Michael Kelsey sold 5,447 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $76.82, for a total value of $418,438.54. Following the completion of the sale, the insider directly owned 278,600 shares in the company, valued at $21,402,052. This trade represents a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 243,792 shares of company stock valued at $19,757,740 over the last ninety days. Company insiders own 8.20% of the company’s stock.

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.