Revolution Medicines Sees Unusually High Options Volume (NASDAQ:RVMD)

Revolution Medicines, Inc. (NASDAQ:RVMD) was the target of unusually large options trading activity on Thursday. Traders acquired 6,009 put options on the stock. This is an increase of approximately 120% compared to the typical daily volume of 2,733 put options.

Revolution Medicines Trading Up 0.5%

NASDAQ RVMD traded up $0.88 during trading on Thursday, reaching $189.60. 441,089 shares of the stock traded hands, compared to its average volume of 2,802,332. Revolution Medicines has a fifty-two week low of $56.66 and a fifty-two week high of $224.31. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. The firm has a market cap of $40.64 billion, a price-to-earnings ratio of -21.47 and a beta of 1.40. The stock’s 50-day moving average price is $200.12 and its 200 day moving average price is $155.08.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.04) by ($1.02). During the same period in the prior year, the company posted ($1.31) earnings per share. Analysts predict that Revolution Medicines will post -8.94 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on RVMD shares. Morgan Stanley initiated coverage on shares of Revolution Medicines in a research report on Thursday, September 10th. They set an “overweight” rating and a $255.00 price target on the stock. William Blair started coverage on shares of Revolution Medicines in a research note on Friday, October 16th. They issued an “outperform” rating for the company. UBS Group upped their target price on shares of Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Guggenheim lifted their target price on Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $248.00 target price on shares of Revolution Medicines in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $242.90.

Insider Buying and Selling at Revolution Medicines

In related news, Director Elizabeth Anderson sold 10,143 shares of Revolution Medicines stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.04, for a total transaction of $1,958,004.72. Following the completion of the transaction, the director directly owned 4,333 shares of the company’s stock, valued at $836,442.32. This trade represents a 70.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark Goldsmith sold 13,988 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total transaction of $2,786,969.12. Following the completion of the transaction, the insider owned 253,342 shares in the company, valued at approximately $50,475,860.08. This trade represents a 5.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 290,991 shares of company stock worth $59,422,765 over the last ninety days. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Revolution Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Revolution Medicines by 23.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 378,702 shares of the company’s stock valued at $77,732,000 after buying an additional 72,402 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Revolution Medicines during the third quarter worth $2,609,000. Profund Advisors LLC increased its holdings in Revolution Medicines by 11.9% during the third quarter. Profund Advisors LLC now owns 10,422 shares of the company’s stock worth $2,139,000 after buying an additional 1,105 shares during the last quarter. ProShare Advisors LLC increased its holdings in Revolution Medicines by 6.6% during the third quarter. ProShare Advisors LLC now owns 7,432 shares of the company’s stock worth $1,525,000 after buying an additional 462 shares during the last quarter. Finally, Americana Partners LLC raised its position in Revolution Medicines by 22.5% during the third quarter. Americana Partners LLC now owns 6,339 shares of the company’s stock worth $1,301,000 after acquiring an additional 1,164 shares in the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for patients with RAS-mutant cancers. The company’s research platform is designed to discover and develop medicines that inhibit RAS proteins, which play a central role in the growth and spread of many cancers and have historically been difficult to target.

Its investigational pipeline includes RAS(ON) inhibitors and other precision oncology candidates, including daraxonrasib (RMC-6236), a pan-RAS inhibitor being evaluated in multiple solid tumors, as well as programs directed at specific mutations such as KRAS G12C and KRAS G12D.