Adage Capital Partners GP L.L.C. Sells 256,000 Shares of Revolution Medicines, Inc. $RVMD

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. lowered its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 39.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 394,000 shares of the company's stock after selling 256,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.21% of Revolution Medicines worth $13,932,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Farallon Capital Management LLC boosted its position in Revolution Medicines by 17.1% during the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company's stock valued at $579,498,000 after acquiring an additional 1,931,000 shares during the last quarter. Wellington Management Group LLP boosted its position in Revolution Medicines by 8.9% during the first quarter. Wellington Management Group LLP now owns 11,787,921 shares of the company's stock valued at $416,821,000 after acquiring an additional 966,230 shares during the last quarter. Janus Henderson Group PLC boosted its position in Revolution Medicines by 54.5% during the fourth quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company's stock valued at $414,777,000 after acquiring an additional 3,346,755 shares during the last quarter. Nextech Invest Ltd. boosted its position in Revolution Medicines by 20.7% during the fourth quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock valued at $332,472,000 after acquiring an additional 1,304,347 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP boosted its position in Revolution Medicines by 23.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,553,111 shares of the company's stock valued at $286,633,000 after acquiring an additional 1,239,022 shares during the last quarter. Institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Up 4.0%

RVMD stock opened at $40.50 on Friday. The stock's 50 day simple moving average is $37.33 and its 200 day simple moving average is $38.14. Revolution Medicines, Inc. has a fifty-two week low of $29.17 and a fifty-two week high of $62.40. 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 company has a market cap of $7.57 billion, a P/E ratio of -9.00 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). During the same period in the prior year, the business posted ($0.81) EPS. The company's quarterly revenue was up .0% compared to the same quarter last year. On average, research analysts expect 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 sale, the chief financial officer owned 113,314 shares in the company, valued at $4,551,823.38. This represents a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RVMD has been the topic of a number of research analyst reports. Guggenheim reaffirmed a "buy" rating and set a $80.00 price target on shares of Revolution Medicines in a research report on Wednesday, June 25th. Needham & Company LLC dropped their price objective on shares of Revolution Medicines from $57.00 to $56.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Lifesci Capital initiated coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an "outperform" rating and a $80.00 target price for the company. Wedbush reaffirmed an "outperform" rating and issued a $73.00 target price (up from $67.00) on shares of Revolution Medicines in a research report on Tuesday, June 24th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target (down from $73.00) on shares of Revolution Medicines in a research note on Wednesday, May 14th. Fourteen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Revolution Medicines presently has a consensus rating of "Buy" and a consensus price target of $72.00.

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.

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