Weiss Asset Management LP Cuts Stake in Revolution Medicines, Inc. $RVMD

Weiss Asset Management LP reduced its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 69.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,097 shares of the company’s stock after selling 20,925 shares during the quarter. Weiss Asset Management LP’s holdings in Revolution Medicines were worth $885,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. raised its holdings in shares of Revolution Medicines by 3.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 4,126 shares of the company’s stock valued at $401,000 after purchasing an additional 120 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Revolution Medicines by 1.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company’s stock worth $802,000 after purchasing an additional 125 shares during the period. Deutsche Bank AG boosted its stake in shares of Revolution Medicines by 0.4% during the fourth quarter. Deutsche Bank AG now owns 32,217 shares of the company’s stock valued at $2,566,000 after purchasing an additional 130 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Revolution Medicines by 33.1% during the fourth quarter. Signaturefd LLC now owns 656 shares of the company’s stock valued at $52,000 after purchasing an additional 163 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in Revolution Medicines by 57.2% during the fourth quarter. Allworth Financial LP now owns 577 shares of the company’s stock valued at $46,000 after buying an additional 210 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,020 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 transaction of $1,564,322.40. Following the transaction, the insider directly owned 267,330 shares in the company, valued at $41,735,559.60. The trade was a 3.61% decrease in their position. The sale was disclosed in a filing 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, Director Sushil Patel sold 5,580 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $187.99, for a total value of $1,048,984.20. Following the transaction, the director directly owned 21,656 shares in the company, valued at $4,071,111.44. This represents a 20.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 132,497 shares of company stock valued at $21,470,486. Corporate insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RVMD shares. Wedbush boosted their price objective on shares of Revolution Medicines from $181.00 to $192.10 and gave the stock an “outperform” rating in a research note on Thursday. Needham & Company LLC increased their target price on Revolution Medicines from $235.00 to $236.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Stifel Nicolaus reiterated a “buy” rating on shares of Revolution Medicines in a report on Monday, April 20th. Royal Bank Of Canada boosted their price target on Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Finally, Guggenheim upped their price objective on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Revolution Medicines presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Stock Down 0.6%

Shares of Revolution Medicines stock opened at $188.07 on Tuesday. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The company has a market cap of $39.98 billion, a P/E ratio of -26.60 and a beta of 1.37. The firm’s 50 day moving average price is $169.74 and its 200-day moving average price is $132.87. Revolution Medicines, Inc. has a 52-week low of $34.00 and a 52-week high of $194.56.

Revolution Medicines (NASDAQ:RVMD) last posted its 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 quarter in the prior year, the firm earned ($1.13) EPS. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal 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.