Empyrean Capital Partners LP Takes $9.96 Million Position in Revolution Medicines, Inc. $RVMD

Key Points

• Empyrean Capital Partners acquired 102,400 Revolution Medicines shares worth approximately $9.96 million, while institutional investors collectively own 94.34% of the company.
• RVMD shares opened at $188.07, near their 12-month high of $194.56. Analysts remain broadly bullish, with a “Moderate Buy” consensus and recent price targets ranging from $192.10 to $235.
• Revolution Medicines reported a quarterly loss of $2.29 per share, missing estimates by $0.46. Meanwhile, insiders sold approximately $21.47 million of stock during the last quarter.

Empyrean Capital Partners LP bought a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 102,400 shares of the company's stock, valued at approximately $9,958,000.

A number of other large investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Revolution Medicines during the fourth quarter valued at about $195,568,000. Avoro Capital Advisors LLC purchased a new position in shares of Revolution Medicines in the fourth quarter worth about $172,840,000. UBS Group AG increased its holdings in shares of Revolution Medicines by 183.6% in the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company's stock worth $245,954,000 after buying an additional 1,998,972 shares during the period. Polar Capital Holdings Plc lifted its stake in shares of Revolution Medicines by 321.2% in the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company's stock valued at $160,398,000 after acquiring an additional 1,535,686 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of Revolution Medicines by 197.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company's stock valued at $175,672,000 after acquiring an additional 1,463,155 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $188.07 on Tuesday. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $169.74 and a 200-day moving average price of $132.87. The company has a market cap of $39.98 billion, a price-to-earnings ratio of -26.60 and a beta of 1.37. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $194.56.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the prior year, the company earned ($1.13) earnings per share. As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -7.91 EPS for the current year.

Analyst Upgrades and Downgrades

RVMD has been the subject of several analyst reports. Wedbush increased their target price on Revolution Medicines from $181.00 to $192.10 and gave the company an "outperform" rating in a report on Thursday. Piper Sandler boosted their price objective on Revolution Medicines to $172.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Truist Financial boosted their price objective on Revolution Medicines from $179.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Guggenheim increased their price objective on Revolution Medicines from $205.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Finally, HC Wainwright restated a "buy" rating and issued a $195.00 target price on shares of Revolution Medicines in a report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $144.67.

Insiders Place Their Bets

In related news, CFO Jack Anders sold 20,000 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total value of $3,366,600.00. Following the completion of the sale, the chief financial officer owned 123,269 shares of the company's stock, valued at $20,749,870.77. This trade represents a 13.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sushil Patel sold 5,580 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $187.99, for a total value of $1,048,984.20. Following the completion of the sale, the director directly owned 21,656 shares of the company's stock, valued at $4,071,111.44. The trade was a 20.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 132,497 shares of company stock worth $21,470,486. Insiders own 7.60% of the company's stock.

About Revolution Medicines

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.

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