31,847 Shares in Revolution Medicines, Inc. $RVMD Purchased by Readystate Asset Management LP

Readystate Asset Management LP bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 31,847 shares of the company’s stock, valued at approximately $3,097,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nextech Invest Ltd. increased its holdings in shares of Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after buying an additional 1,304,347 shares during the last quarter. Millennium Management LLC lifted its holdings in 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 acquiring an additional 136,353 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Revolution Medicines by 14.2% in 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 acquiring an additional 37,345 shares during the period. Invesco Ltd. grew its position in Revolution Medicines by 19.3% in the second quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after acquiring an additional 36,760 shares during the period. Finally, Jump Financial LLC increased its stake in Revolution Medicines by 87.9% during the second quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after acquiring an additional 7,137 shares during the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Stock Down 2.2%

NASDAQ:RVMD opened at $183.86 on Wednesday. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $194.56. The stock’s fifty day moving average is $170.47 and its two-hundred day moving average is $133.44. The stock has a market capitalization of $39.09 billion, a price-to-earnings ratio of -26.01 and a beta of 1.37. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter last year, the business earned ($1.13) earnings per share. Research analysts anticipate that Revolution Medicines, Inc. will post -7.92 EPS for the current year.

Insider Activity at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider directly owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 132,497 shares of company stock worth $21,470,486 over the last ninety days. Company insiders own 7.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RVMD shares. Guggenheim lifted their target price on Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Needham & Company LLC raised their price objective on Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Piper Sandler boosted their price objective on shares of Revolution Medicines to $172.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Wedbush upped their target price on shares of Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Revolution Medicines in a research note on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Profile

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.