Empyrean Capital Partners LP Purchases New Position in Revolution Medicines, Inc. $RVMD

Empyrean Capital Partners LP purchased a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 102,400 shares of the company’s stock, valued at approximately $9,958,000.

Other institutional investors also recently bought and sold shares of the company. Quantinno Capital Management LP boosted its position in Revolution Medicines by 97.6% during the 1st quarter. Quantinno Capital Management LP now owns 63,360 shares of the company’s stock valued at $6,162,000 after acquiring an additional 31,297 shares in the last quarter. ABS Direct Equity Fund LLC purchased a new position in shares of Revolution Medicines during the 1st quarter worth approximately $175,000. Orbimed Advisors LLC raised its position in shares of Revolution Medicines by 100.8% in the 1st quarter. Orbimed Advisors LLC now owns 52,000 shares of the company’s stock worth $5,057,000 after acquiring an additional 26,100 shares in the last quarter. Rangeley Capital LLC bought a new position in shares of Revolution Medicines in the 1st quarter worth approximately $6,487,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Revolution Medicines in the 1st quarter valued at approximately $247,000. 94.34% of the stock is owned by institutional investors.

Revolution Medicines Price Performance

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

Revolution Medicines (NASDAQ:RVMD) last released 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 quarter in the previous year, the firm posted ($1.13) EPS. Analysts expect that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $195.00 price target on shares of Revolution Medicines in a research report on Monday, July 6th. Oppenheimer increased their price objective on Revolution Medicines from $165.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Royal Bank Of Canada increased their price objective on Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Sanford C. Bernstein initiated coverage on Revolution Medicines in a research report on Thursday, May 21st. They set a “market perform” rating and a $151.00 price objective for the company. Finally, Truist Financial boosted their target price on shares of Revolution Medicines from $179.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Revolution Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $144.67.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Stephen Michael Kelsey sold 4,175 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the sale, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 60,400 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $160.17, for a total value of $9,674,268.00. Following the completion of the sale, the chief operating officer directly owned 158,222 shares in the company, valued at approximately $25,342,417.74. This represents a 27.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 132,497 shares of company stock worth $21,470,486 over the last quarter. 7.60% of the stock is currently owned by company insiders.

Revolution Medicines Company 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.