Orbimed Advisors LLC Buys 26,100 Shares of Revolution Medicines, Inc. $RVMD

Orbimed Advisors LLC grew its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 100.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,000 shares of the company’s stock after buying an additional 26,100 shares during the period. Orbimed Advisors LLC’s holdings in Revolution Medicines were worth $5,057,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Rangeley Capital LLC purchased a new stake in Revolution Medicines in the 1st quarter worth approximately $6,487,000. Lombard Odier Asset Management Switzerland SA bought a new position in shares of Revolution Medicines in the first quarter worth approximately $247,000. Aristotle Atlantic Partners LLC increased its stake in shares of Revolution Medicines by 11.8% in the first quarter. Aristotle Atlantic Partners LLC now owns 11,636 shares of the company’s stock worth $1,132,000 after purchasing an additional 1,226 shares in the last quarter. Kryger Capital LLC purchased a new stake in shares of Revolution Medicines in the first quarter worth $843,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Revolution Medicines during the 1st quarter valued at $603,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $189.23 on Monday. Revolution Medicines, Inc. has a twelve month low of $34.00 and a twelve month high of $193.82. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $168.87 and a 200-day moving average price of $132.11. The firm has a market cap of $40.23 billion, a price-to-earnings ratio of -26.77 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the firm posted ($1.13) earnings per share. Equities research analysts anticipate that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal year.

Insider Activity

In related news, insider Stephen Michael Kelsey sold 4,175 shares of the firm’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 $651,801.00. Following the completion of the transaction, the insider directly owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the completion of the sale, the chief financial officer owned 123,269 shares in the company, valued at $20,749,870.77. This represents a 13.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 132,497 shares of company stock worth $21,470,486. 7.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Mizuho upped their target price on shares of Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, July 6th. Evercore reaffirmed an “outperform” rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Piper Sandler increased their target price on Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research note on Friday, July 17th. Finally, Guggenheim boosted their price target on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.67.

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.