Rangeley Capital LLC Takes Position in Revolution Medicines, Inc. $RVMD

Rangeley Capital LLC purchased a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the first quarter, Holdings Channel reports. The fund purchased 66,700 shares of the company’s stock, valued at approximately $6,487,000. Revolution Medicines accounts for approximately 5.9% of Rangeley Capital LLC’s investment portfolio, making the stock its 2nd largest position.

Several other institutional investors and hedge funds have also modified their holdings of RVMD. Lombard Odier Asset Management Switzerland SA bought a new stake in Revolution Medicines in the first quarter worth $247,000. Aristotle Atlantic Partners LLC raised its holdings in Revolution Medicines by 11.8% during the first quarter. Aristotle Atlantic Partners LLC now owns 11,636 shares of the company’s stock valued at $1,132,000 after buying an additional 1,226 shares in the last quarter. Kryger Capital LLC acquired a new stake in shares of Revolution Medicines in the first quarter worth about $843,000. Renaissance Technologies LLC acquired a new stake in shares of Revolution Medicines in the first quarter worth about $603,000. Finally, Gabelli Funds LLC bought a new stake in shares of Revolution Medicines during the 1st quarter worth about $1,532,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $189.23 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The company has a market capitalization of $40.23 billion, a PE ratio of -26.77 and a beta of 1.37. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $193.82. The business has a 50 day simple moving average of $168.87 and a 200 day simple moving average of $132.11.

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 analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter in the previous year, the company posted ($1.13) earnings per share. On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -7.91 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on RVMD shares. Wedbush increased their price objective on Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a report on Thursday. Guggenheim boosted their target price on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a report on Friday, July 17th. Mizuho increased their target price on Revolution Medicines from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, July 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $195.00 price target on shares of Revolution Medicines in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.67.

Insider Buying and Selling

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $651,801.00. Following the sale, the insider owned 291,876 shares of the company’s stock, valued at approximately $45,567,681.12. This represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sushil Patel sold 5,580 shares of the 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 owned 21,656 shares of the company’s stock, valued at $4,071,111.44. This trade represents a 20.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 132,497 shares of company stock worth $21,470,486 in the last three months. Company insiders own 7.60% of the company’s stock.

Revolution Medicines 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.