Avoro Capital Advisors LLC Invests $172.84 Million in Revolution Medicines, Inc. $RVMD

Avoro Capital Advisors LLC acquired a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,170,000 shares of the company’s stock, valued at approximately $172,840,000. Revolution Medicines makes up about 1.7% of Avoro Capital Advisors LLC’s investment portfolio, making the stock its 18th largest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Indiana Trust & Investment Management Co purchased a new stake in Revolution Medicines in the 4th quarter worth approximately $32,000. Global Retirement Partners LLC boosted its stake in shares of Revolution Medicines by 1,002.8% during the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock valued at $32,000 after buying an additional 361 shares during the period. Torren Management LLC purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $33,000. Arax Advisory Partners purchased a new position in shares of Revolution Medicines during the 4th quarter valued at $38,000. Finally, Darwin Wealth Management LLC acquired a new position in shares of Revolution Medicines in the fourth quarter worth $40,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $162.99 on Friday. The business’s 50-day simple moving average is $147.04 and its 200-day simple moving average is $113.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $166.50. The firm has a market cap of $34.65 billion, a price-to-earnings ratio of -23.05 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last posted its 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 business posted ($1.13) earnings per share. As a group, equities research analysts expect that Revolution Medicines, Inc. will post -7.94 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jack Anders sold 2,722 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $424,958.64. Following the completion of the sale, the chief financial officer directly owned 123,269 shares in the company, valued at approximately $19,244,756.28. The trade was a 2.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 120,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total transaction of $18,010,800.00. Following the completion of the sale, the insider owned 276,698 shares of the company’s stock, valued at $41,529,602.82. The trade was a 30.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 226,917 shares of company stock worth $35,065,702. 7.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RVMD shares. Jefferies Financial Group assumed coverage on Revolution Medicines in a report on Monday, March 16th. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. UBS Group began coverage on Revolution Medicines in a research note on Friday, February 27th. They set a “buy” rating for the company. Guggenheim lifted their price target on Revolution Medicines to $205.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada boosted their price target on Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $123.72.

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.