Assenagon Asset Management S.A. Buys Shares of 200,486 Revolution Medicines, Inc. $RVMD

Key Points

• Assenagon Asset Management acquired 200,486 shares of Revolution Medicines worth approximately $37.5 million, while institutional investors collectively own 94.34% of the company.
• Revolution Medicines shares rose 3.7% to $205.15, near their 52-week high, despite the company reporting a quarterly loss of $3.06 per share—$1.02 worse than analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy,” although the average price target of $153.05 is below the current share price; recent insider sales were primarily attributed to tax withholding obligations.

Assenagon Asset Management S.A. purchased a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 200,486 shares of the company's stock, valued at approximately $37,547,000. Assenagon Asset Management S.A. owned 0.09% of Revolution Medicines at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after buying an additional 1,056,792 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Revolution Medicines by 194.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company's stock valued at $1,696,000 after buying an additional 14,062 shares in the last quarter. Mass General Brigham Inc bought a new position in Revolution Medicines during the fourth quarter valued at about $27,407,000. Eagle Health Investments LP acquired a new position in Revolution Medicines during the fourth quarter worth about $9,231,000. Finally, M&T Bank Corp acquired a new position in Revolution Medicines during the fourth quarter worth about $52,723,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Stock Up 3.7%

Shares of NASDAQ:RVMD opened at $205.15 on Friday. The firm has a 50 day simple moving average of $176.66 and a 200 day simple moving average of $137.46. Revolution Medicines, Inc. has a 52 week low of $34.14 and a 52 week high of $205.90. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The company has a market cap of $43.97 billion, a PE ratio of -23.26 and a beta of 1.39.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data 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 in the previous year, the firm posted ($1.31) EPS. As a group, research analysts expect that Revolution Medicines, Inc. will post -8.19 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on RVMD. Guggenheim upped their price target on Revolution Medicines from $235.00 to $240.00 and gave the company a "buy" rating in a report on Thursday. Evercore reissued an "outperform" rating and set a $230.00 price objective on shares of Revolution Medicines in a research note on Thursday. Sanford C. Bernstein began coverage on Revolution Medicines in a research report on Thursday, May 21st. They set a "market perform" rating and a $151.00 target price on the stock. Stifel Nicolaus reaffirmed a "buy" rating on shares of Revolution Medicines in a report on Monday, April 20th. Finally, Truist Financial increased their price target on Revolution Medicines from $179.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Revolution Medicines has a consensus rating of "Moderate Buy" and an average target price of $153.05.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of the stock in a transaction dated 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 sale, the chief operating officer directly owned 154,647 shares of the company's stock, valued at approximately $24,762,077.64. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 132,497 shares of company stock valued at $21,470,486 over the last quarter. 7.60% of the stock is owned by insiders.

Revolution Medicines Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source