SEB Asset Management AB Invests $6.77 Million in Revolution Medicines, Inc. $RVMD

SEB Asset Management AB purchased a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 69,630 shares of the company’s stock, valued at approximately $6,772,000.

Several other institutional investors also recently added to or reduced their stakes in RVMD. Swiss National Bank raised its position in Revolution Medicines by 54.0% in the first quarter. Swiss National Bank now owns 425,431 shares of the company’s stock worth $41,373,000 after acquiring an additional 149,100 shares during the period. Jennison Associates LLC grew its position in shares of Revolution Medicines by 0.7% during the 1st quarter. Jennison Associates LLC now owns 307,377 shares of the company’s stock valued at $29,892,000 after acquiring an additional 2,117 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Revolution Medicines during the 1st quarter valued at approximately $1,022,000. Bank of New York Mellon Corp increased its stake in shares of Revolution Medicines by 17.2% during the 1st quarter. Bank of New York Mellon Corp now owns 635,366 shares of the company’s stock worth $61,789,000 after purchasing an additional 93,297 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $97,000. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Trading Up 1.6%

Shares of RVMD stock opened at $183.29 on Wednesday. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $166.55 and a two-hundred day moving average price of $129.82. Revolution Medicines, Inc. has a 12-month low of $34.00 and a 12-month high of $193.82. The firm has a market cap of $38.97 billion, a P/E ratio of -25.92 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the previous year, the company posted ($1.13) earnings per share. Equities analysts anticipate that Revolution Medicines, Inc. will post -7.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider directly owned 291,876 shares in the company, valued at $45,567,681.12. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the transaction, the insider directly owned 267,330 shares in the company, valued at $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 132,497 shares of company stock valued at $21,470,486 over the last 90 days. Company insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

RVMD has been the topic of several research analyst reports. Truist Financial upped their price objective on Revolution Medicines from $179.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Sanford C. Bernstein began coverage on Revolution Medicines in a research report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 target price for the company. Stifel Nicolaus restated a “buy” rating on shares of Revolution Medicines in a research note on Monday, April 20th. Guggenheim upped their price target on Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Oppenheimer increased their price target on Revolution Medicines from $165.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.06.

Revolution Medicines 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.