Traders Buy Large Volume of Revolution Medicines Put Options (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD) was the recipient of some unusual options trading on Friday. Investors acquired 6,313 put options on the stock. This represents an increase of approximately 154% compared to the average daily volume of 2,484 put options.

Revolution Medicines Stock Performance

RVMD opened at $120.28 on Friday. Revolution Medicines has a twelve month low of $29.17 and a twelve month high of $124.49. The firm has a market capitalization of $23.25 billion, a PE ratio of -23.26 and a beta of 0.99. The company has a current ratio of 8.05, a quick ratio of 8.05 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $82.41 and its 200 day moving average price is $56.84.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 5th. The company reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.22). During the same period last year, the firm earned ($0.94) EPS. As a group, sell-side analysts expect that Revolution Medicines will post -3.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, COO Margaret A. Horn sold 75,000 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $100.56, for a total transaction of $7,542,000.00. Following the transaction, the chief operating officer owned 141,053 shares in the company, valued at approximately $14,184,289.68. This represents a 34.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Michael Kelsey sold 5,447 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $76.82, for a total value of $418,438.54. Following the completion of the sale, the insider owned 278,600 shares of the company’s stock, valued at $21,402,052. This trade represents a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 243,792 shares of company stock worth $19,757,740. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nextech Invest Ltd. increased its stake in shares of Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after acquiring an additional 1,304,347 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Revolution Medicines by 681.8% in the first quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock valued at $5,529,000 after purchasing an additional 136,353 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Revolution Medicines by 14.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock worth $10,615,000 after purchasing an additional 37,345 shares during the last quarter. Strs Ohio purchased a new position in Revolution Medicines during the first quarter worth about $686,000. Finally, Harbor Capital Advisors Inc. raised its stake in Revolution Medicines by 64.7% during the second quarter. Harbor Capital Advisors Inc. now owns 58,323 shares of the company’s stock worth $2,146,000 after purchasing an additional 22,906 shares during the period. Institutional investors and hedge funds own 94.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Mizuho initiated coverage on shares of Revolution Medicines in a research report on Tuesday, October 21st. They set an “outperform” rating and a $90.00 price objective for the company. Royal Bank Of Canada initiated coverage on shares of Revolution Medicines in a research report on Monday, November 3rd. They set an “outperform” rating and a $77.00 price target for the company. Stifel Nicolaus initiated coverage on shares of Revolution Medicines in a research note on Wednesday, October 15th. They issued a “buy” rating and a $85.00 price target on the stock. UBS Group upgraded Revolution Medicines to a “strong-buy” rating in a report on Thursday, December 4th. Finally, Raymond James Financial increased their target price on Revolution Medicines from $72.00 to $76.00 and gave the company a “strong-buy” rating in a report on Friday, October 17th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $78.94.

About Revolution Medicines

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.