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

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

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Revolution Medicines by 194.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company’s stock valued at $1,696,000 after buying an additional 14,062 shares during the period. Mass General Brigham Inc bought a new position in shares of Revolution Medicines during the fourth quarter valued at about $27,407,000. Eagle Health Investments LP bought a new position in shares of Revolution Medicines during the fourth quarter valued at about $9,231,000. Finally, M&T Bank Corp purchased a new position in shares of Revolution Medicines in the fourth quarter worth about $52,723,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock 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 PE ratio of -23.10 and a beta of 1.39. The business has a 50 day moving average of $181.62 and a 200 day moving average of $140.79. Revolution Medicines, Inc. has a 52 week low of $35.42 and a 52 week high of $208.76.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RVMD. Stifel Nicolaus reissued a “buy” rating on shares of Revolution Medicines in a research note on Monday, April 20th. Piper Sandler raised their price target on Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Sanford C. Bernstein assumed coverage on Revolution Medicines in a research report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price objective for the company. Guggenheim increased their price objective on Revolution Medicines from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Needham & Company LLC raised their target price on shares of Revolution Medicines from $236.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $161.79.

Insider Buying and Selling

In other Revolution Medicines news, COO Margaret A. Horn sold 60,400 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $160.17, for a total transaction of $9,674,268.00. Following the transaction, the chief operating officer owned 158,222 shares in the company, valued at approximately $25,342,417.74. This represents a 27.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 the 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 completion of the transaction, the insider directly owned 291,876 shares of the company’s stock, 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. Insiders sold 132,497 shares of company stock valued at $21,470,486 over the last quarter. 7.60% of the stock is currently owned by insiders.

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.