The Manufacturers Life Insurance Company Purchases 473 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

The Manufacturers Life Insurance Company increased its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 0.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 212,841 shares of the company’s stock after acquiring an additional 473 shares during the period. The Manufacturers Life Insurance Company owned about 0.13% of Revolution Medicines worth $9,652,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Farallon Capital Management LLC increased its stake in shares of Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after buying an additional 2,249,820 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Revolution Medicines by 58.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after purchasing an additional 653,433 shares during the last quarter. Logos Global Management LP acquired a new stake in Revolution Medicines in the second quarter valued at $46,572,000. Hood River Capital Management LLC bought a new position in Revolution Medicines during the 2nd quarter worth $35,472,000. Finally, Bank of New York Mellon Corp lifted its holdings in Revolution Medicines by 21.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 645,253 shares of the company’s stock worth $25,042,000 after buying an additional 115,844 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

Insider Buying and Selling

In other news, COO Margaret A. Horn sold 50,000 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.34, for a total value of $2,517,000.00. Following the completion of the sale, the chief operating officer now owns 132,320 shares in the company, valued at $6,660,988.80. This represents a 27.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the transaction, the insider now owns 264,408 shares in the company, valued at approximately $13,085,551.92. This trade represents a 5.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock worth $6,355,624 in the last quarter. Insiders own 8.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RVMD. Oppenheimer raised their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Guggenheim increased their target price on shares of Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays boosted their price target on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. HC Wainwright increased their price objective on shares of Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Piper Sandler boosted their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $63.00.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $48.23 on Wednesday. Revolution Medicines, Inc. has a 52 week low of $23.38 and a 52 week high of $62.40. The stock has a 50 day moving average price of $52.15 and a two-hundred day moving average price of $45.50. The stock has a market capitalization of $8.11 billion, a PE ratio of -13.43 and a beta of 1.40.

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