Rock Springs Capital Management LP Sells 125,805 Shares of Revolution Medicines, Inc. $RVMD

Rock Springs Capital Management LP lowered its stake in Revolution Medicines, Inc. (NASDAQ:RVMD) by 9.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,209,465 shares of the company’s stock after selling 125,805 shares during the period. Revolution Medicines makes up 6.9% of Rock Springs Capital Management LP’s holdings, making the stock its biggest holding. Rock Springs Capital Management LP’s holdings in Revolution Medicines were worth $117,620,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Revolution Medicines by 6.7% during the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares during the period. Janus Henderson Group PLC increased its holdings in Revolution Medicines by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock valued at $980,036,000 after buying an additional 947,448 shares during the period. Nextech Invest Ltd. increased its holdings in Revolution Medicines by 20.7% in the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after buying an additional 1,304,347 shares during the period. Paradigm Biocapital Advisors LP raised its position in shares of Revolution Medicines by 6.8% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,644,403 shares of the company’s stock valued at $529,227,000 after buying an additional 421,112 shares in the last quarter. Finally, Bellevue Group AG raised its position in shares of Revolution Medicines by 21.7% in the 3rd quarter. Bellevue Group AG now owns 5,573,838 shares of the company’s stock valued at $260,298,000 after buying an additional 994,538 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Stock Down 0.6%

Shares of NASDAQ RVMD opened at $188.07 on Tuesday. The company has a market cap of $39.98 billion, a price-to-earnings ratio of -26.60 and a beta of 1.37. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $194.56. The stock has a 50-day moving average price of $169.74 and a two-hundred day moving average price of $132.87.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results 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 in the prior year, the business posted ($1.13) EPS. As a group, analysts forecast that Revolution Medicines, Inc. will post -7.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Revolution Medicines news, CFO Jack Anders sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the sale, the chief financial officer owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. The trade was a 13.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider owned 291,876 shares of the company’s stock, valued at $45,567,681.12. This trade represents a 1.41% decrease in their ownership of the stock. 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 have sold 132,497 shares of company stock worth $21,470,486 over the last 90 days. Insiders own 7.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RVMD. Needham & Company LLC upped their price target on shares of Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Sanford C. Bernstein assumed coverage on shares of Revolution Medicines in a research note on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price objective on the stock. Evercore restated an “outperform” rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Guggenheim upped their target price on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $195.00 target price on shares of Revolution Medicines in a report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Revolution Medicines presently has an average rating of “Moderate Buy” and an average target price of $144.67.

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.