Cinctive Capital Management LP Cuts Stake in 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 reduced its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 67.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,343 shares of the company's stock after selling 23,447 shares during the quarter. Cinctive Capital Management LP's holdings in Revolution Medicines were worth $401,000 at the end of the most recent quarter.

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

Revolution Medicines Stock Down 0.3%

RVMD traded down $0.12 during trading on Tuesday, reaching $40.94. The stock had a trading volume of 1,444,886 shares, compared to its average volume of 1,868,904. The stock's 50 day moving average is $37.42 and its two-hundred day moving average is $38.08. 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 $7.65 billion, a price-to-earnings ratio of -9.10 and a beta of 1.12. Revolution Medicines, Inc. has a one year low of $29.17 and a one year high of $62.40.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler initiated coverage on shares of Revolution Medicines in a report on Monday, August 18th. They set an "overweight" rating and a $75.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Guggenheim reiterated a "buy" rating and issued a $80.00 price objective on shares of Revolution Medicines in a research report on Wednesday, June 25th. Truist Financial initiated coverage on Revolution Medicines in a research note on Friday. They set a "buy" rating and a $99.00 target price on the stock. Finally, Wells Fargo & Company began coverage on Revolution Medicines in a report on Friday, August 15th. They set an "overweight" rating and a $67.00 target price for the company. Fourteen analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $72.00.

Insider Buying and Selling

In other Revolution Medicines 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 approximately $4,551,823.38. This represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by 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.