Traders Buy High Volume of Call Options on Revolution Medicines (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD) was the target of some unusual options trading on Thursday. Investors bought 16,174 call options on the stock. This represents an increase of 160% compared to the average volume of 6,229 call options.

Revolution Medicines Stock Up 4.6%

Shares of Revolution Medicines stock traded up $7.75 on Thursday, hitting $177.52. 3,198,935 shares of the company’s stock traded hands, compared to its average volume of 3,308,184. Revolution Medicines has a 52-week low of $34.00 and a 52-week high of $184.39. 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 stock has a market cap of $37.74 billion, a P/E ratio of -25.09 and a beta of 1.40. The firm’s 50-day moving average is $150.56 and its 200 day moving average is $115.53.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period last year, the company posted ($1.13) EPS. Equities analysts anticipate that Revolution Medicines will post -7.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Evercore reaffirmed an “outperform” rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Royal Bank Of Canada boosted their price objective on shares of Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Jefferies Financial Group assumed coverage on shares of Revolution Medicines in a research report on Monday, March 16th. They issued a “buy” rating for the company. HC Wainwright raised their target price on Revolution Medicines from $169.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Wedbush reaffirmed an “outperform” rating on shares of Revolution Medicines in a research report on Monday, June 1st. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $123.72.

Insider Buying and Selling

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,020 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the completion of the sale, the insider owned 267,330 shares of the company’s stock, valued at $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Michael Kelsey sold 4,175 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% decrease in their position. 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. In the last 90 days, insiders have sold 226,917 shares of company stock valued at $35,065,702. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Revolution Medicines

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Revolution Medicines by 6.7% during the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after buying an additional 1,056,792 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Revolution Medicines by 194.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company’s stock valued at $1,696,000 after acquiring an additional 14,062 shares in the last quarter. Mass General Brigham Inc acquired a new stake in shares of Revolution Medicines during the 4th quarter valued at approximately $27,407,000. M&T Bank Corp bought a new position in Revolution Medicines during the fourth quarter worth $52,723,000. Finally, Eagle Health Investments LP acquired a new position in Revolution Medicines in the fourth quarter worth $9,231,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

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.