Cibc World Markets Corp Makes New Investment in Revolution Medicines, Inc. (NASDAQ:RVMD)

Cibc World Markets Corp acquired a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 15,664 shares of the company’s stock, valued at approximately $685,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RVMD. Lord Abbett & CO. LLC bought a new position in shares of Revolution Medicines in the third quarter valued at approximately $83,082,000. Janus Henderson Group PLC grew its holdings in shares of Revolution Medicines by 32.3% in the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company’s stock valued at $278,280,000 after acquiring an additional 1,497,026 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Revolution Medicines by 58.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock valued at $79,957,000 after acquiring an additional 653,433 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of Revolution Medicines by 2,384.3% in the third quarter. Fred Alger Management LLC now owns 540,673 shares of the company’s stock valued at $24,520,000 after acquiring an additional 518,909 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Revolution Medicines in the fourth quarter valued at approximately $14,067,000. 94.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RVMD shares. Needham & Company LLC reduced their price objective on Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. increased their price objective on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Stifel Nicolaus reduced their price objective on Revolution Medicines from $80.00 to $78.00 and set a “buy” rating for the company in a report on Thursday, February 27th. HC Wainwright increased their price objective on Revolution Medicines from $72.00 to $73.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Finally, UBS Group increased their price objective on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.31.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $38.11 on Friday. Revolution Medicines, Inc. has a 52-week low of $29.55 and a 52-week high of $62.40. The company has a market capitalization of $7.09 billion, a PE ratio of -10.62 and a beta of 1.46. The business’s fifty day moving average is $40.55 and its 200 day moving average is $45.73.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.11). On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jack Anders sold 1,864 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $72,770.56. Following the transaction, the chief financial officer now owns 115,006 shares of the company’s stock, valued at $4,489,834.24. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark A. Goldsmith sold 11,738 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the transaction, the insider now directly owns 441,564 shares in the company, valued at approximately $17,238,658.56. This represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,660 shares of company stock worth $650,406. Corporate insiders own 8.00% 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.