Wellington Management Co. LLP recently announced the acquisition of new stake in Revolution Medicines Inc. (NASDAQ:RVMD). The institutional investor has increased its shareholding in the Healthcare company by 20.22% to 8.87 million shares with purchase of 1.49 million shares. This fresh investment now brings its stake to 9.99% valued currently at $237.47 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.58 million to 7.43 million shares. And BlackRock Fund Advisors has lifted its position by 22.90% or 0.95 million shares – to 5.1 million shares.
With over 1.98 million Revolution Medicines Inc. (RVMD) shares trading Tuesday and a closing price of $23.44 on the day, the dollar volume was approximately $46.52 million. The shares have shown a positive half year performance of 6.84% and its price on 03/14/23 gained nearly 3.81%. Currently, there are 89.25M common shares owned by the public and among those 87.20M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for RVMD have a consensus price objective of $32.56. The analysts have set the share’s price value over the next 12 months at a high of $38.00 and a low of $23.00. The average price target is 26.47% above its recent price level and a downside to the estimated low will see the stock lose -1.91% over that period. But an upside of 38.32% will see the stock hit the forecast high price target while median target price for the stock is $32.00.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 865,476 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 486,152 shares.
The top 3 mutual fund holders in Revolution Medicines Inc. are BB Biotech AG, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. BB Biotech AG owns 4.6 million shares of the company’s stock, all valued at over $123.16 million. The company bought an additional 1.18 million shares recently to bring their total holdings to about 5.18% of the shares outstanding. Vanguard Total Stock Market Index bought 4896.0 shares to see its total holdings expand to 2.49 million shares valued at over $66.7 million and representing 2.81% of the shares outstanding. Vanguard Small Cap Index Fund bought 11262.0 shares to bring its total holdings to over 2.07 million shares at a value of $55.4 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.33% of the shares outstanding.
Shares of Revolution Medicines Inc. (NASDAQ: RVMD) opened at $23.05, up $0.47 from a prior closing price of $22.58. However, the script later moved the day high at 23.69, up 3.81%. The company’s stock has a 5-day price change of -4.68% and -1.43% over the past three months. RVMD shares are trading -1.60% year to date (YTD), with the 12-month market performance up to 16.27% higher. It has a 12-month low price of $14.08 and touched a high of $31.37 over the same period. RVMD has an average intraday trading volume of 1.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.41%, -7.84%, and 6.12% respectively.
Institutional ownership of Revolution Medicines Inc. (NASDAQ: RVMD) shares accounts for 84.60% of the company’s 89.25M shares outstanding. Mutual fund holders own 39.70%, while other institutional holders and individual stakeholders account for 42.43% and 20.33% respectively.
It has a market capitalization of $2.60B. The earnings-per-share (ttm) stands at -$3.10. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.44% over the week and 6.13% over the month.
Analysts forecast that Revolution Medicines Inc. (RVMD) will achieve an EPS of -$0.82 for the current quarter, -$0.88 for the next quarter and -$3.61 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.9 while analysts give the company a high EPS estimate of -$0.68. Comparatively, EPS for the current quarter was -$0.71 a year ago. Earnings per share for the fiscal year are expected to decrease by -20.00%, and -0.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Revolution Medicines Inc. (RVMD) as a “Strong Buy” at a consensus score of 1.80. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 2 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RVMD, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on February 28, 2023, with the firm’s price target at $32-$38. Needham coverage for the Revolution Medicines Inc. (RVMD) stock in a research note released on December 14, 2022 offered a Buy rating with a price target of $31. Oppenheimer was of a view on October 21, 2022 that the stock is Outperform, while BofA Securities gave the stock Neutral rating on May 20, 2022, issuing a price target of $24. Stifel on their part issued Buy rating on March 01, 2022.
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