Bank of New York Mellon Corp Purchases 93,297 Shares of Revolution Medicines, Inc. $RVMD

Bank of New York Mellon Corp lifted its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 17.2% in the first quarter, Holdings Channel.com reports. The firm owned 635,366 shares of the company’s stock after purchasing an additional 93,297 shares during the quarter. Bank of New York Mellon Corp’s holdings in Revolution Medicines were worth $61,789,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC lifted its position in Revolution Medicines by 1,002.8% in the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock worth $32,000 after buying an additional 361 shares during the last quarter. Indiana Trust & Investment Management Co purchased a new position in shares of Revolution Medicines during the fourth quarter worth approximately $32,000. Torren Management LLC bought a new stake in shares of Revolution Medicines in the 4th quarter worth approximately $33,000. Arax Advisory Partners bought a new stake in shares of Revolution Medicines in the 4th quarter worth approximately $38,000. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Revolution Medicines in the 4th quarter valued at $40,000. 94.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on RVMD shares. Evercore reaffirmed an “outperform” rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Truist Financial upped their price target on shares of Revolution Medicines from $179.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Royal Bank Of Canada lifted their price objective on Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Finally, Piper Sandler boosted their target price on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $144.06.

Insider Transactions at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,020 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider directly owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This trade represents a 1.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 132,497 shares of company stock valued at $21,470,486. Company insiders own 7.60% of the company’s stock.

Revolution Medicines Stock Down 0.1%

Shares of Revolution Medicines stock opened at $183.03 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. Revolution Medicines, Inc. has a 52-week low of $34.00 and a 52-week high of $193.82. The stock has a market capitalization of $38.91 billion, a price-to-earnings ratio of -25.89 and a beta of 1.37. The company’s 50 day moving average price is $167.21 and its 200-day moving average price is $130.55.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter in the prior year, the company posted ($1.13) EPS. Equities research analysts forecast that Revolution Medicines, Inc. will post -7.9 EPS for the current year.

Revolution Medicines 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.