Revolution Medicines, Inc. $RVMD Shares Purchased by Saudi Central Bank

Saudi Central Bank boosted its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 111.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 11,324 shares of the company’s stock after purchasing an additional 5,972 shares during the quarter. Saudi Central Bank’s holdings in Revolution Medicines were worth $2,121,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Contravisory Investment Management Inc. purchased a new stake in Revolution Medicines during the second quarter worth approximately $32,000. Global Retirement Partners LLC raised its stake in shares of Revolution Medicines by 1,002.8% in the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock valued at $32,000 after acquiring an additional 361 shares during the period. Johnson Financial Group Inc. acquired a new position in shares of Revolution Medicines during the 2nd quarter valued at $37,000. Arax Advisory Partners acquired a new position in shares of Revolution Medicines during the 4th quarter valued at $38,000. Finally, Silvant Capital Management LLC purchased a new stake in Revolution Medicines during the 2nd quarter worth $41,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

RVMD stock opened at $210.02 on Tuesday. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The firm has a 50 day simple moving average of $197.28 and a 200-day simple moving average of $153.68. The company has a market capitalization of $45.02 billion, a P/E ratio of -23.81 and a beta of 1.40. Revolution Medicines, Inc. has a twelve month low of $39.17 and a twelve month high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same quarter in the previous year, the business earned ($1.31) EPS. On average, equities research analysts predict that Revolution Medicines, Inc. will post -8.83 earnings per share for the current fiscal year.

Insider Activity

In other Revolution Medicines news, Director Sushil Patel sold 5,580 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the transaction, the director owned 21,656 shares of the company’s stock, valued at $4,071,111.44. This trade represents a 20.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lorence Kim sold 56,000 shares of Revolution Medicines stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $203.24, for a total value of $11,381,440.00. Following the completion of the transaction, the director owned 17,090 shares of the company’s stock, valued at approximately $3,473,371.60. The trade was a 76.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 268,497 shares of company stock valued at $49,587,926 over the last three months. Company insiders own 7.60% of the company’s stock.

Analyst Ratings Changes

RVMD has been the subject of several recent research reports. Needham & Company LLC increased their price target on Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a report on Monday, August 31st. Guggenheim upped their target price on Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. UBS Group increased their target price on Revolution Medicines from $220.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Mizuho raised their target price on Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $248.00 target price on shares of Revolution Medicines in a report on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.74.

Revolution Medicines Company 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.