AlphaQuest LLC Increases Stake in Revolution Medicines, Inc. $RVMD

AlphaQuest LLC lifted its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 73.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 20,664 shares of the company’s stock after buying an additional 8,751 shares during the period. AlphaQuest LLC’s holdings in Revolution Medicines were worth $1,646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Revolution Medicines by 6.7% during the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock valued at $1,331,739,000 after buying an additional 1,056,792 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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. New York State Common Retirement Fund increased its position in shares of Revolution Medicines by 39.3% during the third quarter. New York State Common Retirement Fund now owns 119,807 shares of the company’s stock valued at $5,595,000 after buying an additional 33,821 shares during the period. Raiffeisen Bank International AG purchased a new position in shares of Revolution Medicines during the third quarter valued at about $921,000. Finally, Mass General Brigham Inc purchased a new position in shares of Revolution Medicines during the fourth quarter valued at about $27,407,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on RVMD. Sanford C. Bernstein began coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price objective on the stock. Piper Sandler upped their price objective on shares of Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wedbush upped their price objective on shares of Revolution Medicines to $165.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Guggenheim upped their price objective on shares of Revolution Medicines to $205.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus restated a “buy” rating on shares of Revolution Medicines in a report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $111.35.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 4,302 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $427,962.96. Following the transaction, the insider owned 295,398 shares in the company, valued at approximately $29,386,193.04. This represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark A. Goldsmith sold 120,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 276,698 shares in the company, valued at approximately $41,529,602.82. This represents a 30.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 184,592 shares of company stock valued at $24,499,532. 8.20% of the stock is currently owned by insiders.

Revolution Medicines Price Performance

Shares of RVMD opened at $153.00 on Thursday. The firm’s 50-day simple moving average is $127.16 and its two-hundred day simple moving average is $103.47. The stock has a market cap of $32.53 billion, a PE ratio of -21.64 and a beta of 1.41. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $156.24. 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 (NASDAQ:RVMD) last issued its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the company posted ($1.13) EPS. Analysts anticipate that Revolution Medicines, Inc. will post -7.75 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.