Weiss Asset Management LP Reduces Position in Revolution Medicines, Inc. $RVMD

Weiss Asset Management LP decreased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 69.7% during the first quarter, HoldingsChannel reports. The firm owned 9,097 shares of the company’s stock after selling 20,925 shares during the quarter. Weiss Asset Management LP’s holdings in Revolution Medicines were worth $885,000 as of its most recent filing with the Securities and Exchange Commission.

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

Revolution Medicines Price Performance

NASDAQ:RVMD opened at $188.07 on Tuesday. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $194.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The firm has a market cap of $39.98 billion, a price-to-earnings ratio of -26.60 and a beta of 1.37. The firm’s fifty day moving average is $169.74 and its two-hundred day moving average is $132.87.

Revolution Medicines (NASDAQ:RVMD) last announced 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 prior year, the business earned ($1.13) earnings per share. Research analysts expect that Revolution Medicines, Inc. will post -7.91 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on RVMD. Evercore reaffirmed an “outperform” rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. HC Wainwright reissued a “buy” rating and issued a $195.00 price objective on shares of Revolution Medicines in a report on Monday, July 6th. Wedbush raised 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. Truist Financial lifted their target price on Revolution Medicines from $179.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Two 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 issued a Sell rating to the stock. According to data from MarketBeat, Revolution Medicines has an average rating of “Moderate Buy” and a consensus target price of $144.67.

Insider Transactions at Revolution Medicines

In related news, Director Sushil Patel sold 5,580 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director directly owned 21,656 shares of the company’s stock, valued at $4,071,111.44. This trade represents a 20.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jack Anders sold 20,000 shares of Revolution Medicines stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total value of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. This represents a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 132,497 shares of company stock valued at $21,470,486. 7.60% of the stock is 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.