Readystate Asset Management LP Takes Position in Revolution Medicines, Inc. $RVMD

Readystate Asset Management LP purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 31,847 shares of the company’s stock, valued at approximately $3,097,000.

A number of other large investors also recently bought and sold shares of RVMD. Meeder Advisory Services Inc. grew its holdings in Revolution Medicines by 3.0% in 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 during the period. PNC Financial Services Group Inc. raised its stake in shares of Revolution Medicines by 1.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company’s stock worth $802,000 after buying an additional 125 shares during the period. Deutsche Bank AG raised its stake in shares of Revolution Medicines by 0.4% during the 4th quarter. Deutsche Bank AG now owns 32,217 shares of the company’s stock worth $2,566,000 after buying an additional 130 shares during the period. Signaturefd LLC lifted its position in shares of Revolution Medicines by 33.1% during the 4th quarter. Signaturefd LLC now owns 656 shares of the company’s stock valued at $52,000 after buying an additional 163 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Revolution Medicines by 57.2% during the 4th quarter. Allworth Financial LP now owns 577 shares of the company’s stock valued at $46,000 after buying an additional 210 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Insider Buying and Selling

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,020 shares of the firm’s 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 transaction, the insider directly owned 267,330 shares of the company’s stock, valued at $41,735,559.60. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the transaction, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. This represents 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. Insiders have sold 132,497 shares of company stock worth $21,470,486 in the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several recent analyst reports. Needham & Company LLC boosted their price target on shares of Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Sanford C. Bernstein assumed coverage on shares of Revolution Medicines in a research note on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price target on the stock. Piper Sandler lifted their price objective on Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wedbush boosted their price objective on Revolution Medicines from $181.00 to $192.10 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Finally, Oppenheimer increased their target price on Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Price Performance

Shares of NASDAQ RVMD opened at $183.86 on Wednesday. The firm has a 50-day simple moving average of $170.47 and a 200-day simple moving average of $133.44. The stock has a market capitalization of $39.09 billion, a price-to-earnings ratio of -26.01 and a beta of 1.37. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $194.56.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the firm earned ($1.13) EPS. On average, equities analysts predict that Revolution Medicines, Inc. will post -7.92 earnings per share for the current fiscal 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.