CIBC Asset Management Inc Makes New Investment in Revolution Medicines, Inc. (NASDAQ:RVMD)

CIBC Asset Management Inc purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,767 shares of the company’s stock, valued at approximately $216,000.

A number of other hedge funds have also modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Revolution Medicines by 55.8% in the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after buying an additional 222 shares during the last quarter. Values First Advisors Inc. purchased a new position in shares of Revolution Medicines during the 3rd quarter worth $93,000. Nisa Investment Advisors LLC boosted its holdings in shares of Revolution Medicines by 10.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the last quarter. KBC Group NV grew its position in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock valued at $146,000 after purchasing an additional 368 shares during the period. Finally, Natixis acquired a new position in Revolution Medicines in the first quarter valued at $196,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on RVMD shares. HC Wainwright lifted their price target on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wedbush restated an “outperform” rating and issued a $59.00 target price on shares of Revolution Medicines in a report on Thursday, August 8th. Guggenheim increased their price target on shares of Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. boosted their price objective on shares of Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Oppenheimer increased their target price on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $61.00.

Insider Activity

In other news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the transaction, the insider now directly owns 300,170 shares in the company, valued at approximately $13,486,638.10. This represents a 3.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Barbara Weber sold 5,200 shares of Revolution Medicines stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the completion of the sale, the director now owns 13,065 shares of the company’s stock, valued at approximately $627,381.30. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,866 shares of company stock worth $6,355,624 over the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $56.75 on Friday. The firm has a market capitalization of $9.55 billion, a PE ratio of -15.81 and a beta of 1.40. Revolution Medicines, Inc. has a one year low of $20.98 and a one year high of $62.40. The stock’s 50 day moving average price is $50.55 and its 200 day moving average price is $44.54.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter last year, the firm posted ($0.99) EPS. On average, analysts forecast that Revolution Medicines, Inc. will post -3.51 earnings per share for the current fiscal year.

About Revolution Medicines

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.