Readystate Asset Management LP Grows Position in Revolution Medicines, Inc. $RVMD

Readystate Asset Management LP increased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 18.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,727 shares of the company’s stock after acquiring an additional 5,880 shares during the quarter. Readystate Asset Management LP’s holdings in Revolution Medicines were worth $7,066,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Global Retirement Partners LLC boosted its stake in Revolution Medicines by 1,002.8% during the fourth quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock valued at $32,000 after buying an additional 361 shares during the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of Revolution Medicines during the 2nd quarter worth approximately $32,000. Johnson Financial Group Inc. purchased a new stake in shares of Revolution Medicines during the 2nd quarter worth approximately $37,000. Arax Advisory Partners bought a new position in shares of Revolution Medicines during the 4th quarter valued at approximately $38,000. Finally, Silvant Capital Management LLC bought a new position in shares of Revolution Medicines during the 2nd quarter valued at approximately $41,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Stock Performance

Revolution Medicines stock opened at $210.02 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 11.38 and a quick ratio of 11.38. The firm has a market capitalization of $45.02 billion, a P/E ratio of -23.81 and a beta of 1.40. Revolution Medicines, Inc. has a 1-year low of $39.17 and a 1-year high of $224.31. The company’s 50-day moving average is $196.93 and its 200 day moving average is $152.91.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the previous year, the company earned ($1.31) earnings per share. Research analysts forecast that Revolution Medicines, Inc. will post -8.83 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RVMD shares. Guggenheim boosted their price target on shares of Revolution Medicines from $240.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Sanford C. Bernstein boosted their target price on shares of Revolution Medicines from $151.00 to $179.00 and gave the stock a “market perform” rating in a report on Friday, August 21st. Wedbush increased their price target on shares of Revolution Medicines from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Royal Bank Of Canada lifted their price target on Revolution Medicines from $203.00 to $251.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. Finally, Mizuho boosted their price objective on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $200.74.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Margaret A. Horn sold 29,600 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $160.12, for a total value of $4,739,552.00. Following the completion of the transaction, the chief operating officer directly owned 154,647 shares in the company, valued at approximately $24,762,077.64. This trade represents a 16.07% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 268,497 shares of company stock valued at $49,587,926. 7.60% of the stock is owned by company insiders.

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.