State of New Jersey Common Pension Fund D Has $3.25 Million Stock Holdings in Revolution Medicines, Inc. (NASDAQ:RVMD)

State of New Jersey Common Pension Fund D lifted its stake in Revolution Medicines, Inc. (NASDAQ:RVMD) by 51.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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’s holdings in Revolution Medicines were worth $3,252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of RVMD. SG Americas Securities LLC acquired a new position in shares of Revolution Medicines in the third quarter worth $1,600,000. Handelsbanken Fonder AB increased its stake in shares of Revolution Medicines by 6.0% in the third quarter. Handelsbanken Fonder AB now owns 14,200 shares of the company’s stock worth $393,000 after acquiring an additional 800 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Revolution Medicines by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 420,366 shares of the company’s stock worth $11,636,000 after acquiring an additional 8,825 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Revolution Medicines by 15.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock worth $462,000 after acquiring an additional 2,199 shares during the last quarter. Finally, Strs Ohio increased its stake in shares of Revolution Medicines by 270.6% in the third quarter. Strs Ohio now owns 6,300 shares of the company’s stock worth $174,000 after acquiring an additional 4,600 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

RVMD stock opened at $35.96 on Friday. Revolution Medicines, Inc. has a 52-week low of $15.44 and a 52-week high of $38.73. The company has a 50-day moving average of $32.33 and a two-hundred day moving average of $27.97. 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 (NASDAQ:RVMD) last released its quarterly earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.29). The business had revenue of $0.74 million for the quarter, compared to the consensus estimate of $1.20 million. During the same period last year, the business earned ($0.63) EPS. Revolution Medicines’s revenue for the quarter was down 95.2% on a year-over-year basis. Equities analysts expect that Revolution Medicines, Inc. will post -3.18 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, Director Sushil Patel sold 2,155 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $37.00, for a total value of $79,735.00. Following the completion of the sale, the director now owns 15,700 shares in the company, valued at $580,900. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Sushil Patel sold 2,155 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $37.00, for a total value of $79,735.00. Following the completion of the sale, the director now owns 15,700 shares in the company, valued at $580,900. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 7,500 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $35.48, for a total transaction of $266,100.00. Following the completion of the sale, the insider now owns 452,879 shares of the company’s stock, valued at approximately $16,068,146.92. The disclosure for this sale can be found here. Insiders sold 18,705 shares of company stock worth $630,749 over the last ninety days. Company insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.