Fifth Third Bancorp Grows Stake in Revolution Medicines, Inc. $RVMD

Fifth Third Bancorp increased its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 8,972.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 9,708 shares of the company’s stock after acquiring an additional 9,601 shares during the quarter. Fifth Third Bancorp’s holdings in Revolution Medicines were worth $944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Nextech Invest Ltd. grew its stake in shares of Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after purchasing an additional 1,304,347 shares during the period. Millennium Management LLC increased its position in shares of Revolution Medicines by 681.8% during the 1st quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock valued at $5,529,000 after purchasing an additional 136,353 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Revolution Medicines by 14.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock worth $10,615,000 after purchasing an additional 37,345 shares during the period. Invesco Ltd. lifted its stake in shares of Revolution Medicines by 19.3% in the 2nd quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after purchasing an additional 36,760 shares during the period. Finally, Jump Financial LLC boosted its holdings in shares of Revolution Medicines by 87.9% in the second quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after buying an additional 7,137 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insiders Place Their Bets

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the completion of the transaction, the insider directly owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $160.17, for a total transaction of $9,674,268.00. Following the completion of the sale, the chief operating officer directly owned 158,222 shares of the company’s stock, valued at approximately $25,342,417.74. This trade represents a 27.63% 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. Over the last quarter, insiders sold 132,497 shares of company stock valued at $21,470,486. Insiders own 7.60% of the company’s stock.

Analysts Set New Price Targets

RVMD has been the subject of several recent research reports. Royal Bank Of Canada boosted their target price on shares of Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Truist Financial increased their price target on shares of Revolution Medicines from $179.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Mizuho lifted their price target on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. HC Wainwright reissued a “buy” rating and set a $195.00 price objective on shares of Revolution Medicines in a research report on Monday, July 6th. Finally, Evercore restated an “outperform” rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.67.

Revolution Medicines Price Performance

RVMD stock opened at $189.23 on Monday. The business’s 50-day moving average price is $168.87 and its 200-day moving average price is $132.11. The stock has a market cap of $40.23 billion, a P/E ratio of -26.77 and a beta of 1.37. 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, Inc. has a twelve month low of $34.00 and a twelve month high of $193.82.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the prior year, the firm earned ($1.13) EPS. On average, equities research analysts forecast that Revolution Medicines, Inc. will post -7.91 EPS for the current 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.