Persistent Asset Partners Ltd Makes New $7.25 Million Investment in Revolution Medicines, Inc. $RVMD

Persistent Asset Partners Ltd purchased a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 38,726 shares of the company’s stock, valued at approximately $7,253,000. Revolution Medicines makes up about 2.2% of Persistent Asset Partners Ltd’s holdings, making the stock its 8th biggest holding.

Other institutional investors have also modified their holdings of the company. AMG National Trust Bank purchased a new position in shares of Revolution Medicines during the second quarter valued at approximately $303,000. Global Retirement Partners LLC purchased a new stake in Revolution Medicines in the 2nd quarter worth approximately $245,000. SCS Capital Management LLC acquired a new position in Revolution Medicines in the 2nd quarter valued at $724,000. Bank of New York Mellon Corp acquired a new position in Revolution Medicines in the 2nd quarter valued at $112,566,000. Finally, Centric Wealth Management acquired a new position in Revolution Medicines in the 2nd quarter valued at $505,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

RVMD has been the topic of several analyst reports. Guggenheim raised their price objective on Revolution Medicines from $235.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Stifel Nicolaus reiterated a “buy” rating on shares of Revolution Medicines in a research note on Monday, April 20th. Royal Bank Of Canada increased their target price on Revolution Medicines from $182.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. HC Wainwright reiterated a “buy” rating and set a $195.00 target price on shares of Revolution Medicines in a research report on Monday, July 6th. Finally, Mizuho raised their price target on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $161.79.

Insiders Place Their Bets

In related news, CFO Jack Anders sold 20,000 shares of Revolution Medicines stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sushil Patel sold 5,580 shares of the business’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 sale, the director directly owned 21,656 shares of the company’s stock, valued at approximately $4,071,111.44. This trade represents a 20.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 132,497 shares of company stock worth $21,470,486. Corporate insiders own 7.60% of the company’s stock.

Revolution Medicines Stock Performance

NASDAQ:RVMD opened at $203.71 on Monday. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The company has a market cap of $43.66 billion, a P/E ratio of -23.10 and a beta of 1.39. Revolution Medicines, Inc. has a fifty-two week low of $35.42 and a fifty-two week high of $208.76. The firm’s 50 day moving average is $181.62 and its two-hundred day moving average is $140.79.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the prior year, the business posted ($1.31) EPS. Analysts expect that Revolution Medicines, Inc. will post -8.82 EPS for the current 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.