CenterBook Partners LP Buys New Holdings in Revolution Medicines, Inc. $RVMD

Key Points

• CenterBook Partners opened a position in Revolution Medicines, buying 7,460 shares worth about $1.53 million in the third quarter; institutional investors collectively own 94.34% of the stock.
• Analysts are broadly bullish: the consensus rating is Moderate Buy, with an average price target of $263.15; HC Wainwright raised its target to $350.
• Revolution Medicines reported quarterly EPS of -$1.90, better than the -$2.35 consensus estimate, and revenue of $197.56 million versus expectations of $25.58 million.

CenterBook Partners LP bought a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,460 shares of the company's stock, valued at approximately $1,531,000.

A number of other institutional investors also recently bought and sold shares of RVMD. Alphabet Inc. bought a new stake in shares of Revolution Medicines during the 2nd quarter valued at $551,843,000. Assenagon Asset Management S.A. increased 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 worth $447,710,000 after purchasing an additional 1,980,699 shares in the last quarter. Bank of America Corp DE bought a new position in Revolution Medicines in the 2nd quarter worth $184,267,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Revolution Medicines by 82.3% in the 2nd 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 purchasing an additional 411,740 shares during the period. Finally, Deutsche Bank AG bought a new position in Revolution Medicines in the 2nd quarter worth $166,308,000. Institutional investors own 94.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on RVMD. Oppenheimer raised their price objective on Revolution Medicines from $230.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Truist Financial reiterated a "buy" rating and set a $261.00 price objective (up from $241.00) on shares of Revolution Medicines in a research note on Thursday, November 5th. HC Wainwright increased their target price on shares of Revolution Medicines from $280.00 to $350.00 and gave the stock a "buy" rating in a report on Friday. Needham & Company LLC restated a "buy" rating and set a $275.00 target price on shares of Revolution Medicines in a research note on Thursday, October 15th. Finally, Brookline Capital Markets began coverage on shares of Revolution Medicines in a research note on Monday, September 28th. They set a "buy" rating and a $318.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $263.15.

Insider Activity

In related news, CFO Jack Anders sold 4,053 shares of Revolution Medicines stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total transaction of $807,519.72. Following the transaction, the chief financial officer directly owned 119,216 shares of the company's stock, valued at $23,752,595.84. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 Revolution Medicines stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total value of $989,625.08. Following the completion of the transaction, the chief operating officer owned 149,680 shares in the company, valued at $29,822,243.20. This trade represents a 3.21% decrease in their position. 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. In the last ninety days, insiders have sold 290,991 shares of company stock valued at $59,422,765. Insiders own 7.60% of the company's stock.

Revolution Medicines Stock Performance

RVMD stock opened at $200.15 on Tuesday. Revolution Medicines, Inc. has a 52 week low of $61.50 and a 52 week high of $224.31. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $196.73 and a two-hundred day simple moving average of $157.98.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.35) by $0.45. The company had revenue of $197.56 million during the quarter, compared to the consensus estimate of $25.58 million. During the same period in the previous year, the business earned ($1.61) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -7.88 EPS for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company's research centers on RAS proteins, which can contribute to the growth of many cancers.

The company's pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.

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