Connor Clark & Lunn Investment Management Ltd. Buys New Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 26,901 shares of the company’s stock, valued at approximately $1,220,000.

Several other large investors also recently modified their holdings of the company. Farallon Capital Management LLC boosted its position in Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock valued at $378,696,000 after acquiring an additional 2,249,820 shares during the last quarter. Logos Global Management LP bought a new stake in shares of Revolution Medicines during the 2nd quarter valued at about $46,572,000. Hood River Capital Management LLC acquired a new stake in Revolution Medicines during the second quarter worth approximately $35,472,000. American Century Companies Inc. bought a new stake in Revolution Medicines in the second quarter worth approximately $20,154,000. Finally, Sofinnova Investments Inc. acquired a new position in Revolution Medicines in the second quarter valued at approximately $17,662,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RVMD shares. Wedbush reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Revolution Medicines in a research report on Thursday, August 8th. Needham & Company LLC raised their target price on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler boosted their target price on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Guggenheim increased their price target on Revolution Medicines from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, HC Wainwright boosted their price objective on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $61.00.

Revolution Medicines Trading Up 2.0 %

Shares of NASDAQ:RVMD opened at $58.63 on Wednesday. The stock has a market cap of $9.86 billion, a PE ratio of -16.33 and a beta of 1.40. The stock’s fifty day simple moving average is $51.10 and its two-hundred day simple moving average is $44.92. Revolution Medicines, Inc. has a 1-year low of $20.98 and a 1-year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same quarter in the prior year, the company earned ($0.99) EPS. On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -3.51 earnings per share for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, COO Margaret A. Horn sold 50,000 shares of Revolution Medicines stock in a transaction on Friday, October 11th. The stock was sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the sale, the chief operating officer now directly owns 132,320 shares in the company, valued at $6,660,988.80. The trade was a 27.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the transaction, the insider now owns 300,170 shares of the company’s stock, valued at approximately $13,486,638.10. The trade was a 3.22 % decrease in their position. 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 90 days. Insiders own 8.00% of the company’s stock.

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.