Mackenzie Financial Corp Buys New Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Mackenzie Financial Corp bought a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) in the 4th quarter, HoldingsChannel reports. The fund bought 8,652 shares of the company’s stock, valued at approximately $248,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of Revolution Medicines in the 3rd quarter worth $1,600,000. Handelsbanken Fonder AB raised its stake in Revolution Medicines by 6.0% in the third quarter. Handelsbanken Fonder AB now owns 14,200 shares of the company’s stock valued at $393,000 after buying an additional 800 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Revolution Medicines by 15.2% during 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 holdings in shares of Revolution Medicines by 270.6% during the third quarter. Strs Ohio now owns 6,300 shares of the company’s stock valued at $174,000 after acquiring an additional 4,600 shares in the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Revolution Medicines

In other 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 transaction of $79,735.00. Following the sale, the director now directly owns 15,700 shares of the company’s stock, valued at approximately $580,900. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, General Counsel Jeff Cislini sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $30.99, for a total transaction of $46,485.00. Following the completion of the transaction, the general counsel now directly owns 54,374 shares of the company’s stock, valued at approximately $1,685,050.26. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $37.00, for a total transaction of $79,735.00. Following the completion of the sale, the director now directly owns 15,700 shares in the company, valued at approximately $580,900. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,705 shares of company stock worth $630,749. 8.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Revolution Medicines Stock Up 1.8 %

Shares of RVMD opened at $35.96 on Monday. The stock’s 50-day moving average price is $32.33 and its 200-day moving average price is $28.01. The company 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 52 week low of $15.44 and a 52 week high of $38.73.

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

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.