Bank of New York Mellon Corp Purchases 93,297 Shares of Revolution Medicines, Inc. $RVMD

Bank of New York Mellon Corp grew its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 17.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 635,366 shares of the company’s stock after purchasing an additional 93,297 shares during the quarter. Bank of New York Mellon Corp owned about 0.30% of Revolution Medicines worth $61,789,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RVMD. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Revolution Medicines during the 1st quarter valued at approximately $97,000. Sanctuary Advisors LLC bought a new stake in Revolution Medicines during the 1st quarter valued at $213,000. Calamos Advisors LLC lifted its position in shares of Revolution Medicines by 24.1% during the first quarter. Calamos Advisors LLC now owns 15,463 shares of the company’s stock worth $1,504,000 after acquiring an additional 3,003 shares in the last quarter. J. Safra Sarasin Holding AG lifted its position in shares of Revolution Medicines by 170.4% during the first quarter. J. Safra Sarasin Holding AG now owns 21,001 shares of the company’s stock worth $2,042,000 after acquiring an additional 13,235 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Revolution Medicines by 8,972.9% in the first quarter. Fifth Third Bancorp now owns 9,708 shares of the company’s stock worth $944,000 after acquiring an additional 9,601 shares during the period. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insider Activity

In other news, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the company’s 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 $651,801.00. Following the completion of the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. This trade represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 132,497 shares of company stock worth $21,470,486. Company insiders own 7.60% of the company’s stock.

Revolution Medicines Trading Down 0.1%

Revolution Medicines stock opened at $183.03 on Thursday. The stock has a market cap of $38.91 billion, a P/E ratio of -25.89 and a beta of 1.37. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $193.82. The firm’s fifty day moving average price is $167.21 and its 200-day moving average price is $130.55. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RVMD. Sanford C. Bernstein initiated coverage on Revolution Medicines in a research report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price target for the company. Oppenheimer increased their price objective on Revolution Medicines from $165.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Mizuho lifted 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. Finally, Truist Financial upped their price target on Revolution Medicines from $179.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Revolution Medicines currently has an average rating of “Moderate Buy” and a consensus price target of $144.06.

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.