Stock Traders Buy High Volume of Put Options on Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD) was the target of some unusual options trading activity on Thursday. Investors bought 6,009 put options on the company. This is an increase of 120% compared to the typical daily volume of 2,733 put options.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. TD Cowen restated a “buy” rating and issued a $250.00 price target on shares of Revolution Medicines in a research report on Wednesday, October 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research note on Thursday, October 15th. Morgan Stanley initiated coverage on Revolution Medicines in a research note on Thursday, September 10th. They issued an “overweight” rating and a $255.00 target price on the stock. Mizuho boosted their target price on Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Royal Bank Of Canada upped their price target on Revolution Medicines from $259.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Revolution Medicines presently has an average rating of “Moderate Buy” and a consensus price target of $242.90.

Insiders Place Their Bets

In other Revolution Medicines news, insider Stephen Kelsey sold 92,531 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $202.36, for a total transaction of $18,724,573.16. Following the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $59,064,027.36. This trade represents a 24.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lorence H. Kim sold 56,000 shares of Revolution Medicines stock in a transaction on Monday, August 31st. The shares were sold at an average price of $203.24, for a total transaction of $11,381,440.00. Following the completion of the transaction, the director owned 17,090 shares in the company, valued at approximately $3,473,371.60. This represents a 76.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 290,991 shares of company stock worth $59,422,765. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Burkett Financial Services LLC purchased a new stake in shares of Revolution Medicines during the third quarter worth about $27,000. Contravisory Investment Management Inc. bought a new position in Revolution Medicines during the 2nd quarter worth approximately $32,000. ABS Investment Management LLC bought a new position in Revolution Medicines in the second quarter worth about $337,104,000. Johnson Financial Group Inc. bought a new position in Revolution Medicines during the 2nd quarter worth $37,000. Finally, Mather Group LLC. bought a new position in shares of Revolution Medicines during the third quarter worth about $41,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $191.31 on Friday. The firm’s fifty day simple moving average is $199.22 and its 200-day simple moving average is $155.81. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The stock has a market cap of $41.01 billion, a PE ratio of -21.69 and a beta of 1.40. Revolution Medicines has a fifty-two week low of $56.66 and a fifty-two week high of $224.31.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the prior year, the business posted ($1.31) EPS. Analysts expect that Revolution Medicines will post -8.94 earnings per share for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.