Rangeley Capital LLC Takes Position in Revolution Medicines, Inc. $RVMD

Rangeley Capital LLC bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 66,700 shares of the company’s stock, valued at approximately $6,487,000. Revolution Medicines comprises 5.9% of Rangeley Capital LLC’s holdings, making the stock its 2nd largest holding.

A number of other large investors also recently modified their holdings of RVMD. Norges Bank bought a new position in Revolution Medicines in the fourth quarter worth about $195,568,000. Avoro Capital Advisors LLC acquired a new stake in Revolution Medicines in the fourth quarter worth about $172,840,000. UBS Group AG grew its position 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 in the last quarter. Polar Capital Holdings Plc increased its stake in Revolution Medicines by 321.2% during 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 period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Revolution Medicines by 197.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after buying an additional 1,463,155 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RVMD. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating and set a $195.00 price objective on shares of Revolution Medicines in a research note on Monday, July 6th. Wedbush boosted their target price on Revolution Medicines from $181.00 to $192.10 and gave the stock an “outperform” rating in a report on Thursday. Mizuho boosted their target price on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, July 6th. Finally, Guggenheim upped their target price on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.67.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $189.23 on Monday. 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, Inc. has a one year low of $34.00 and a one year high of $193.82. The company has a market capitalization of $40.23 billion, a PE ratio of -26.77 and a beta of 1.37. The stock has a fifty day moving average of $168.87 and a 200-day moving average of $132.11.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period in the previous year, the firm earned ($1.13) earnings per share. As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of Revolution Medicines stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total value of $4,739,552.00. Following the transaction, the chief operating officer directly owned 154,647 shares in the company, valued at approximately $24,762,077.64. This trade represents a 16.07% 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 have sold a total of 132,497 shares of company stock valued at $21,470,486 over the last quarter. 7.60% of the stock is owned by insiders.

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.