Tang Capital Management LLC Invests $4.37 Million in Revolution Medicines, Inc. (NASDAQ:RVMD)

Tang Capital Management LLC purchased a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $4,374,000. Tang Capital Management LLC owned approximately 0.06% of Revolution Medicines at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Tema Etfs LLC bought a new position in shares of Revolution Medicines during the 4th quarter worth $1,991,000. Stempoint Capital LP grew its position in shares of Revolution Medicines by 1,062.1% during the 4th quarter. Stempoint Capital LP now owns 193,535 shares of the company’s stock worth $8,465,000 after buying an additional 176,881 shares in the last quarter. Sandia Investment Management LP bought a new position in shares of Revolution Medicines during the 4th quarter worth $219,000. Rafferty Asset Management LLC grew its position in shares of Revolution Medicines by 2.9% during the 4th quarter. Rafferty Asset Management LLC now owns 172,786 shares of the company’s stock worth $7,558,000 after buying an additional 4,947 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its position in shares of Revolution Medicines by 46.0% during the 4th quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company’s stock worth $1,513,000 after buying an additional 10,900 shares in the last quarter. Institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $39.54 on Friday. The company has a market cap of $7.37 billion, a PE ratio of -11.01 and a beta of 1.11. The business has a 50-day simple moving average of $37.49 and a two-hundred day simple moving average of $43.12. Revolution Medicines, Inc. has a fifty-two week low of $29.17 and a fifty-two week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same period last year, the business earned ($0.70) earnings per share. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday. Stifel Nicolaus dropped their price objective on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Guggenheim dropped their price objective on Revolution Medicines from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Wedbush reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Revolution Medicines in a research report on Thursday, May 8th. Finally, Oppenheimer raised their price objective on Revolution Medicines from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $67.08.

Insider Transactions at Revolution Medicines

In other news, COO Margaret A. Horn sold 3,058 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $119,384.32. Following the completion of the transaction, the chief operating officer now directly owns 153,533 shares in the company, valued at $5,993,928.32. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jack Anders sold 1,864 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the transaction, the chief financial officer now owns 115,006 shares of the company’s stock, valued at approximately $4,489,834.24. The trade was a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,660 shares of company stock worth $650,406 over the last three months. 8.20% of the stock is currently owned by insiders.

Revolution Medicines Company Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.