Revolution Medicines, Inc. $RVMD Position Reduced by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has decreased its holdings in Revolution Medicines by 39.4%, selling 256,000 shares, leaving it with 394,000 shares valued at approximately $13.93 million.
• Several institutional investors have increased their stakes in Revolution Medicines, with Farallon Capital Management LLC leading with an increase of 17.1% and now holding shares valued at about $579.5 million.
• Revolution Medicines reported a quarterly EPS of ($1.31), missing analysts' estimates, while its stock price shows a 4.0% increase, opening at $40.50.

Adage Capital Partners GP L.L.C. trimmed its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 39.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 394,000 shares of the company's stock after selling 256,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.21% of Revolution Medicines worth $13,932,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC grew its position in Revolution Medicines by 169.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 20,000 shares of the company's stock valued at $875,000 after acquiring an additional 12,579 shares in the last quarter. Algert Global LLC boosted its holdings in Revolution Medicines by 17.3% in the fourth quarter. Algert Global LLC now owns 46,973 shares of the company's stock valued at $2,055,000 after purchasing an additional 6,925 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Revolution Medicines by 9.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,626,848 shares of the company's stock valued at $71,158,000 after purchasing an additional 141,426 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Revolution Medicines during the 4th quarter worth approximately $10,862,000. Finally, Deutsche Bank AG raised its position in shares of Revolution Medicines by 57.8% in the 4th quarter. Deutsche Bank AG now owns 177,383 shares of the company's stock valued at $7,759,000 after purchasing an additional 64,997 shares in the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Needham & Company LLC upped their price target on shares of Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a report on Thursday. Wells Fargo & Company boosted their target price on shares of Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a research report on Thursday. Truist Financial assumed coverage on shares of Revolution Medicines in a research note on Friday, September 5th. They issued a "buy" rating and a $99.00 target price on the stock. HC Wainwright reiterated a "buy" rating and issued a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Finally, Piper Sandler began coverage on Revolution Medicines in a report on Monday, August 18th. They issued an "overweight" rating and a $75.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $73.21.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD traded up $5.79 during trading hours on Thursday, hitting $46.24. The stock had a trading volume of 4,746,264 shares, compared to its average volume of 1,776,692. The company has a debt-to-equity ratio of 0.13, a quick ratio of 11.79 and a current ratio of 11.79. The stock's fifty day simple moving average is $37.75 and its 200 day simple moving average is $38.15. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -10.28 and a beta of 1.12. Revolution Medicines, Inc. has a 1-year low of $29.17 and a 1-year high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same period last year, the company earned ($0.81) earnings per share. Revolution Medicines's revenue for the quarter was up .0% compared to the same quarter last year. Sell-side analysts anticipate that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $40.17, for a total value of $210,410.46. Following the completion of the sale, the chief financial officer owned 113,314 shares of the company's stock, valued at $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

About Revolution Medicines

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.