Investors Purchase Large Volume of Revolution Medicines Put Options (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD) was the target of unusually large options trading activity on Thursday. Traders purchased 6,009 put options on the stock. This is an increase of 120% compared to the typical daily volume of 2,733 put options.

Insider Buying and Selling at Revolution Medicines

In other news, CFO Jack Anders sold 4,053 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $807,519.72. Following the completion of the sale, the chief financial officer directly owned 119,216 shares in the company, valued at $23,752,595.84. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 4,967 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $989,625.08. Following the transaction, the chief operating officer directly owned 149,680 shares of the company’s stock, valued at approximately $29,822,243.20. The trade was a 3.21% 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. Over the last 90 days, insiders sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Revolution Medicines

A number of institutional investors have recently added to or reduced their stakes in RVMD. Alphabet Inc. purchased a new stake in Revolution Medicines during the 2nd quarter worth about $551,843,000. Assenagon Asset Management S.A. boosted its stake in shares of Revolution Medicines by 987.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock valued at $447,710,000 after buying an additional 1,980,699 shares during the period. Bank of America Corp DE acquired a new position in shares of Revolution Medicines during the second quarter worth about $184,267,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Revolution Medicines by 82.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 912,335 shares of the company’s stock worth $170,862,000 after buying an additional 411,740 shares in the last quarter. Finally, Deutsche Bank AG acquired a new stake in Revolution Medicines in the second quarter valued at approximately $166,308,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RVMD. Brookline Capital Markets started coverage on shares of Revolution Medicines in a research report on Monday, September 28th. They set a “buy” rating and a $318.00 price target for the company. Stifel Nicolaus lifted their price objective on Revolution Medicines from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, September 9th. Morgan Stanley initiated coverage on Revolution Medicines in a report on Thursday, September 10th. They issued an “overweight” rating and a $255.00 price objective on the stock. Raymond James Financial reiterated a “strong-buy” rating and set a $248.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 27th. Finally, William Blair started coverage on Revolution Medicines in a report on Friday, October 16th. They set an “outperform” rating for the company. One investment 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 issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $242.90.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $190.27 on Friday. The company has a market cap of $40.78 billion, a P/E ratio of -21.57 and a beta of 1.40. Revolution Medicines has a twelve month low of $56.66 and a twelve month high of $224.31. The company’s 50-day moving average price is $199.63 and its 200-day moving average price is $155.44. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same period last year, the firm earned ($1.31) EPS. On average, sell-side analysts forecast that Revolution Medicines will post -8.94 earnings per share for the current fiscal year.

About Revolution Medicines

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.