Tang Capital Management LLC Invests $4.37 Million in Revolution Medicines, Inc. (NASDAQ:RVMD)

Tang Capital Management LLC acquired a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 100,000 shares of the company's stock, valued at approximately $4,374,000. Tang Capital Management LLC owned 0.06% of Revolution Medicines at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Tema Etfs LLC purchased a new position in Revolution Medicines during the 4th quarter valued at $1,991,000. Stempoint Capital LP increased its position in Revolution Medicines by 1,062.1% during the 4th quarter. Stempoint Capital LP now owns 193,535 shares of the company's stock valued at $8,465,000 after purchasing an additional 176,881 shares during the period. Sandia Investment Management LP purchased a new position in Revolution Medicines during the 4th quarter valued at $219,000. Rafferty Asset Management LLC increased its position in Revolution Medicines by 2.9% during the 4th quarter. Rafferty Asset Management LLC now owns 172,786 shares of the company's stock valued at $7,558,000 after purchasing an additional 4,947 shares during the period. Finally, Polar Asset Management Partners Inc. increased its position in Revolution Medicines by 46.0% during the 4th quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company's stock valued at $1,513,000 after purchasing an additional 10,900 shares during the period. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Price Performance

RVMD stock traded up $0.54 during trading on Tuesday, hitting $40.47. 1,044,322 shares of the stock traded hands, compared to its average volume of 1,491,523. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40. The firm's 50 day moving average is $37.53 and its two-hundred day moving average is $42.93. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of -11.27 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter in the prior year, the firm earned ($0.70) EPS. As a group, analysts anticipate that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RVMD has been the topic of a number of research analyst reports. Wedbush reissued an "outperform" rating and set a $67.00 price objective on shares of Revolution Medicines in a research report on Thursday, May 8th. HC Wainwright reissued a "buy" rating and set a $72.00 price objective (down from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Guggenheim reduced their price objective on shares of Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Stifel Nicolaus reduced their price objective on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Finally, Needham & Company LLC reissued a "buy" rating and set a $57.00 price objective on shares of Revolution Medicines in a research report on Thursday, May 8th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $67.08.

Insider Activity

In related news, insider Mark A. Goldsmith sold 11,738 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $458,251.52. Following the transaction, the insider now owns 441,564 shares of the company's stock, valued at approximately $17,238,658.56. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jack Anders sold 1,864 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $72,770.56. Following the completion of the transaction, the chief financial officer now directly owns 115,006 shares in the company, valued at approximately $4,489,834.24. The trade was a 1.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,660 shares of company stock valued at $650,406 in the last 90 days. 8.20% of the stock is currently owned by insiders.

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.