Cinctive Capital Management LP Sells 23,447 Shares of Revolution Medicines, Inc. $RVMD

Key Points

• Cinctive Capital Management LP cut its stake in Revolution Medicines, Inc. by 67.4%, holding only 11,343 shares after selling 23,447 shares in the first quarter.
• Other investors such as Schonfeld Strategic Advisors LLC and Ameriprise Financial Inc. significantly increased their positions in the company during the fourth quarter, indicating interest in Revolution Medicines despite Cinctive's reduction.
• Analysts maintain a consensus rating of "Buy" for Revolution Medicines, with price targets ranging up to $99.00, reflecting positive market sentiment.

Cinctive Capital Management LP lowered its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 67.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,343 shares of the company's stock after selling 23,447 shares during the period. Cinctive Capital Management LP's holdings in Revolution Medicines were worth $401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Janus Henderson Group PLC grew its position in shares of Revolution Medicines by 54.5% in the 4th quarter. Janus Henderson Group PLC now owns 9,483,999 shares of the company's stock valued at $414,777,000 after buying an additional 3,346,755 shares during the last quarter. Lunate Capital Ltd bought a new position in shares of Revolution Medicines during the first quarter worth about $77,658,000. Farallon Capital Management LLC lifted its stake in shares of Revolution Medicines by 17.1% in the fourth quarter. Farallon Capital Management LLC now owns 13,248,692 shares of the company's stock worth $579,498,000 after acquiring an additional 1,931,000 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in Revolution Medicines in the first quarter valued at approximately $59,173,000. Finally, Nextech Invest Ltd. boosted its holdings in Revolution Medicines by 20.7% in 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. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Jack Anders sold 5,238 shares of Revolution Medicines stock in a transaction on 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 approximately $4,551,823.38. This trade represents a 4.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RVMD has been the subject of several analyst reports. Truist Financial started coverage on shares of Revolution Medicines in a report on Friday, September 5th. They set a "buy" rating and a $99.00 price target for the company. Lifesci Capital initiated coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "outperform" rating and a $80.00 target price for the company. Needham & Company LLC boosted their target price 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 increased their price target on Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Wedbush lifted their price objective on Revolution Medicines from $73.00 to $77.00 and gave the stock an "outperform" rating in a research report on Thursday. Fourteen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $73.21.

Revolution Medicines Stock Up 14.3%

Revolution Medicines stock traded up $5.79 during midday trading on Thursday, reaching $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 fifty day moving average price of $37.75 and a two-hundred day moving average price of $38.15. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $62.40. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.64 billion, a P/E ratio of -10.28 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.37). The company's revenue was up .0% on a year-over-year basis. During the same period last year, the company posted ($0.81) earnings per share. As a group, equities analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Revolution Medicines Company Profile

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.