Revolution Medicines, Inc. $RVMD Shares Sold by Rock Springs Capital Management LP

Rock Springs Capital Management LP reduced its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 9.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,209,465 shares of the company’s stock after selling 125,805 shares during the period. Revolution Medicines comprises 6.9% of Rock Springs Capital Management LP’s holdings, making the stock its largest position. Rock Springs Capital Management LP owned about 0.57% of Revolution Medicines worth $117,620,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of 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 acquiring an additional 1,056,792 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 purchasing an additional 14,062 shares during the last quarter. Mass General Brigham Inc acquired a new stake in Revolution Medicines during the 4th quarter valued at $27,407,000. Eagle Health Investments LP bought a new position in Revolution Medicines during the fourth quarter worth $9,231,000. Finally, M&T Bank Corp bought a new position in Revolution Medicines during the fourth quarter worth $52,723,000. Institutional investors own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RVMD shares. Piper Sandler increased their price objective on shares of Revolution Medicines to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Guggenheim lifted their target price on shares of Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Wedbush increased their price target on shares of Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a report on Thursday. Finally, Evercore restated an “outperform” rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Revolution Medicines currently has an average rating of “Moderate Buy” and an average price target of $144.67.

Insiders Place Their Bets

In other news, Director Sushil Patel sold 5,580 shares of the firm’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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the sale, the insider owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 132,497 shares of company stock worth $21,470,486. 7.60% of the stock is currently owned by insiders.

Revolution Medicines Stock Down 0.6%

RVMD stock opened at $188.07 on Tuesday. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $194.56. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The stock has a market capitalization of $39.98 billion, a price-to-earnings ratio of -26.60 and a beta of 1.37. The business’s fifty day moving average price is $169.74 and its two-hundred day moving average price is $132.87.

Revolution Medicines (NASDAQ:RVMD) last announced its 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 quarter in the prior year, the company earned ($1.13) EPS. On average, equities analysts anticipate that Revolution Medicines, Inc. will post -7.91 earnings per share 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.