Renaissance Technologies LLC Invests $603,000 in Revolution Medicines, Inc. $RVMD

Renaissance Technologies LLC purchased a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,200 shares of the company’s stock, valued at approximately $603,000.

Other large investors also recently bought and sold shares of the company. Meeder Advisory Services Inc. increased its stake in shares of Revolution Medicines by 3.0% during the first 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. boosted 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 in the last quarter. Deutsche Bank AG boosted its position in shares of Revolution Medicines by 0.4% in the 4th quarter. Deutsche Bank AG now owns 32,217 shares of the company’s stock worth $2,566,000 after purchasing an additional 130 shares in the last quarter. Allworth Financial LP grew its stake in shares of Revolution Medicines by 57.2% in the 4th quarter. Allworth Financial LP now owns 577 shares of the company’s stock worth $46,000 after buying an additional 210 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Revolution Medicines by 44.7% in the 4th quarter. Farther Finance Advisors LLC now owns 751 shares of the company’s stock worth $60,000 after buying an additional 232 shares during the last quarter. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $203.71 on Monday. The firm has a market cap of $43.66 billion, a price-to-earnings ratio of -23.10 and a beta of 1.39. The stock has a fifty day simple moving average of $181.62 and a two-hundred day simple moving average of $140.79. Revolution Medicines, Inc. has a 12 month low of $35.42 and a 12 month high of $208.76. The company has a current ratio of 11.38, a quick ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the previous year, the firm posted ($1.31) earnings per share. Equities analysts predict that Revolution Medicines, Inc. will post -8.82 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, Director Sushil Patel sold 5,580 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the completion of the transaction, the director directly owned 21,656 shares of the company’s stock, valued at $4,071,111.44. The trade was a 20.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jack Anders sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares in the company, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 132,497 shares of company stock worth $21,470,486. 7.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RVMD. Needham & Company LLC lifted their price objective on Revolution Medicines from $236.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $230.00 target price on shares of Revolution Medicines in a research note on Thursday, August 6th. Piper Sandler raised their price target on Revolution Medicines to $172.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. HC Wainwright restated a “buy” rating and set a $195.00 price target on shares of Revolution Medicines in a report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Revolution Medicines has a consensus rating of “Moderate Buy” and a consensus target price of $161.79.

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.