Lunate Capital Ltd Has $53.40 Million Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Lunate Capital cut its stake in Revolution Medicines by 75% in Q1, but the stock still remains its largest holding at 44.7% of the portfolio. The fund now owns 549,050 shares valued at about $53.4 million.
• Insiders sold shares recently, including CFO Jack Anders and insider Stephen Michael Kelsey, with both transactions tied to tax withholding from vested equity awards. Insider ownership still stands at 7.6% of the company.
• Revolution Medicines shares were trading near their 52-week high at $162.99, but the company reported a wider-than-expected quarterly loss of $2.29 per share. Despite the loss, analysts remain broadly bullish, with a consensus Buy rating and price target of $123.72.

Lunate Capital Ltd lessened its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 75.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 549,050 shares of the company's stock after selling 1,647,150 shares during the period. Revolution Medicines accounts for 44.7% of Lunate Capital Ltd's portfolio, making the stock its largest holding. Lunate Capital Ltd owned 0.28% of Revolution Medicines worth $53,395,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RVMD. General Atlantic L.P. bought a new position in shares of Revolution Medicines in the third quarter worth about $115,556,000. Norges Bank bought a new stake in Revolution Medicines during the 4th quarter valued at approximately $195,568,000. Avoro Capital Advisors LLC bought a new stake in Revolution Medicines during the 4th quarter valued at approximately $172,840,000. UBS Group AG grew its holdings in Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company's stock valued at $245,954,000 after buying an additional 1,998,972 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its holdings in 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 buying an additional 1,535,686 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company's stock.

Insider Activity

In other news, CFO Jack Anders sold 2,722 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $424,958.64. Following the sale, the chief financial officer owned 123,269 shares of the company's stock, valued at approximately $19,244,756.28. This represents a 2.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider owned 291,876 shares of the company's stock, valued at $45,567,681.12. This trade represents a 1.41% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 226,917 shares of company stock worth $35,065,702 in the last quarter. 7.60% of the stock is owned by company insiders.

Revolution Medicines Price Performance

Shares of RVMD stock opened at $162.99 on Friday. The stock's fifty day simple moving average is $147.04 and its 200 day simple moving average is $113.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The firm has a market cap of $34.65 billion, a price-to-earnings ratio of -23.05 and a beta of 1.40. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $166.50.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings data 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 previous year, the business posted ($1.13) earnings per share. On average, analysts expect that Revolution Medicines, Inc. will post -7.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Guggenheim lifted their price target on Revolution Medicines to $205.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Wedbush reissued an "outperform" rating on shares of Revolution Medicines in a research report on Monday, June 1st. Evercore restated an "outperform" rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Oppenheimer boosted their target price on shares of Revolution Medicines from $165.00 to $195.00 and gave the stock an "outperform" rating in a research report on Monday, June 1st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $123.72.

Revolution Medicines 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.