State of New Jersey Common Pension Fund D Purchases 38,363 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

State of New Jersey Common Pension Fund D lifted its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 51.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 113,390 shares of the company’s stock after acquiring an additional 38,363 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.10% of Revolution Medicines worth $3,252,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in shares of Revolution Medicines by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,572,475 shares of the company’s stock valued at $292,646,000 after acquiring an additional 282,786 shares during the period. Vanguard Group Inc. grew its stake in shares of Revolution Medicines by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 9,643,591 shares of the company’s stock valued at $266,935,000 after acquiring an additional 303,088 shares during the period. Northern Trust Corp grew its stake in shares of Revolution Medicines by 1.7% during the 3rd quarter. Northern Trust Corp now owns 933,125 shares of the company’s stock valued at $25,829,000 after acquiring an additional 15,432 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Revolution Medicines by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 766,669 shares of the company’s stock valued at $21,221,000 after acquiring an additional 55,558 shares during the period. Finally, Rock Springs Capital Management LP grew its stake in shares of Revolution Medicines by 3.2% during the 3rd quarter. Rock Springs Capital Management LP now owns 725,152 shares of the company’s stock valued at $20,072,000 after acquiring an additional 22,440 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America upgraded Revolution Medicines from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $31.00 to $34.00 in a research note on Friday, January 5th. Wedbush boosted their price target on Revolution Medicines from $41.00 to $42.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. Piper Sandler assumed coverage on Revolution Medicines in a report on Monday, March 11th. They issued an “overweight” rating and a $43.00 price target on the stock. Raymond James raised Revolution Medicines from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $36.00 to $48.00 in a report on Wednesday, April 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $46.00 price target (up from $36.00) on shares of Revolution Medicines in a report on Monday, April 8th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $41.20.

Revolution Medicines Price Performance

Shares of RVMD opened at $35.96 on Friday. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of -9.54 and a beta of 1.54. Revolution Medicines, Inc. has a 1 year low of $15.44 and a 1 year high of $38.73. The business’s 50 day simple moving average is $32.33 and its 200-day simple moving average is $27.97.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The firm had revenue of $0.74 million during the quarter, compared to analyst estimates of $1.20 million. Revolution Medicines’s quarterly revenue was down 95.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.63) earnings per share. On average, sell-side analysts expect that Revolution Medicines, Inc. will post -3.18 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, Director Sushil Patel sold 2,155 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $37.00, for a total transaction of $79,735.00. Following the sale, the director now owns 15,700 shares in the company, valued at approximately $580,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Jack Anders sold 1,261 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $39,822.38. Following the sale, the chief financial officer now owns 101,959 shares in the company, valued at approximately $3,219,865.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sushil Patel sold 2,155 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $37.00, for a total value of $79,735.00. Following the sale, the director now owns 15,700 shares in the company, valued at approximately $580,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,705 shares of company stock worth $630,749. Company insiders own 8.50% of the company’s stock.

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.