Perceptive Advisors LLC Purchases New Position in Revolution Medicines, Inc. $RVMD

Key Points

• Perceptive Advisors initiated a position in Revolution Medicines worth approximately $25.1 million, while other institutions also increased or established stakes. Institutional investors collectively own 94.34% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $144.67; several firms recently set targets between $172 and $195.
• Revolution Medicines shares opened at $187.53, near their 52-week high of $194.56. The company reported a quarterly loss of $2.29 per share, missing the expected $1.83 loss, and analysts forecast a full-year loss of $7.92 per share.

Perceptive Advisors LLC acquired a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 258,600 shares of the company's stock, valued at approximately $25,149,000. Perceptive Advisors LLC owned about 0.12% of Revolution Medicines as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avidity Partners Management LP bought a new stake in Revolution Medicines in the first quarter worth approximately $1,459,000. Edgestream Partners L.P. bought a new position in shares of Revolution Medicines during the 1st quarter valued at $6,736,000. Amundi increased its position in Revolution Medicines by 590.5% during the first quarter. Amundi now owns 138,560 shares of the company's stock worth $13,475,000 after buying an additional 118,493 shares during the last quarter. California State Teachers Retirement System increased its position in Revolution Medicines by 22.1% during the first quarter. California State Teachers Retirement System now owns 165,277 shares of the company's stock worth $16,073,000 after buying an additional 29,887 shares during the last quarter. Finally, Readystate Asset Management LP bought a new position in Revolution Medicines during the first quarter valued at about $3,097,000. Institutional investors own 94.34% of the company's stock.

Insider Buying and Selling at Revolution Medicines

In related news, COO Margaret A. Horn sold 60,400 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $160.17, for a total transaction of $9,674,268.00. Following the completion of the transaction, the chief operating officer directly owned 158,222 shares in the company, valued at $25,342,417.74. This represents a 27.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the sale, the insider directly owned 267,330 shares of the company's stock, valued at approximately $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 132,497 shares of company stock valued at $21,470,486 in the last three months. 7.60% of the stock is owned by insiders.

Analyst Ratings Changes

RVMD has been the subject of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $195.00 price target on shares of Revolution Medicines in a research report on Monday, July 6th. Stifel Nicolaus reissued a "buy" rating on shares of Revolution Medicines in a research note on Monday, April 20th. Oppenheimer boosted their target price on Revolution Medicines from $165.00 to $195.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Sanford C. Bernstein assumed coverage on Revolution Medicines in a research report on Thursday, May 21st. They set a "market perform" rating and a $151.00 target price for the company. Finally, Piper Sandler increased their price target on Revolution Medicines to $172.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Revolution Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $144.67.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $187.53 on Friday. The company has a market cap of $39.87 billion, a price-to-earnings ratio of -26.52 and a beta of 1.37. The business has a 50 day moving average price of $172.57 and a 200 day moving average price of $134.85. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. Revolution Medicines, Inc. has a twelve month low of $34.00 and a twelve month high of $194.56.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts' consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the business posted ($1.13) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -7.92 earnings per share for the current year.

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.

Want to see what other hedge funds are holding RVMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report).

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.