7,403 Shares in Revolution Medicines, Inc. $RVMD Purchased by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth acquired 7,403 Revolution Medicines shares worth approximately $1.52 million in the third quarter. Institutional investors collectively own 94.34% of RVMD.
• Insiders have been net sellers, with executives selling 290,991 shares worth about $59.4 million over the past 90 days; corporate insiders own 7.60% of the company.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $242.55, although Revolution Medicines missed its latest earnings estimate and reported a quarterly loss of $3.06 per share.

SteelPeak Wealth LLC acquired a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,403 shares of the company's stock, valued at approximately $1,520,000.

Other large investors also recently made changes to their positions in the company. Alphabet Inc. acquired a new position in Revolution Medicines during the second quarter worth $551,843,000. Assenagon Asset Management S.A. raised its position in Revolution Medicines by 987.9% during the third quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company's stock worth $447,710,000 after acquiring an additional 1,980,699 shares in the last quarter. Bank of America Corp DE bought a new stake in Revolution Medicines during the second quarter worth $184,267,000. Deutsche Bank AG acquired a new stake in Revolution Medicines in the second quarter valued at $166,308,000. Finally, Bank of New York Mellon Corp acquired a new stake in Revolution Medicines in the second quarter valued at $112,566,000. Institutional investors and hedge funds own 94.34% of the company's stock.

Insider Activity

In other Revolution Medicines news, insider Mark Goldsmith sold 80,000 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $209.20, for a total transaction of $16,736,000.00. Following the transaction, the insider owned 267,330 shares in the company, valued at $55,925,436. This trade represents a 23.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan Sandler sold 6,309 shares of Revolution Medicines stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $202.14, for a total value of $1,275,301.26. Following the sale, the insider directly owned 52,559 shares of the company's stock, valued at $10,624,276.26. This represents a 10.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 290,991 shares of company stock worth $59,422,765. Corporate insiders own 7.60% of the company's stock.

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $177.96 on Monday. The firm has a market cap of $38.14 billion, a P/E ratio of -20.18 and a beta of 1.40. 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, Inc. has a 1-year low of $52.40 and a 1-year high of $224.31. The business's 50 day moving average is $203.22 and its 200-day moving average is $173.99.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly 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 last year, the business earned ($1.31) earnings per share. Equities research analysts predict that Revolution Medicines, Inc. will post -8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Bank of America lifted their price objective on shares of Revolution Medicines from $225.00 to $265.00 and gave the company a "buy" rating in a research report on Monday, September 21st. Oppenheimer upped their target price on shares of Revolution Medicines from $230.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a report on Thursday. Raymond James Financial reiterated a "strong-buy" rating and issued a $248.00 target price on shares of Revolution Medicines in a research note on Thursday, August 27th. Finally, Brookline Capital Markets assumed coverage on Revolution Medicines in a report on Monday, September 28th. They set a "buy" rating and a $318.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $242.55.

Revolution Medicines 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.

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