CenterBook Partners LP Acquires New Position in Revolution Medicines, Inc. $RVMD

CenterBook Partners LP purchased a new stake in Revolution Medicines, Inc. (NASDAQ:RVMD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,460 shares of the company’s stock, valued at approximately $1,531,000.

Other hedge funds also recently added to or reduced their stakes in the company. Alphabet Inc. purchased a new position in Revolution Medicines in the second quarter valued at $551,843,000. Assenagon Asset Management S.A. boosted its stake in shares of Revolution Medicines by 987.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company’s stock worth $447,710,000 after acquiring an additional 1,980,699 shares in the last quarter. ABS Investment Management LLC acquired a new stake in shares of Revolution Medicines during the 2nd quarter valued at about $337,104,000. Bank of America Corp DE acquired a new stake in shares of Revolution Medicines during the 2nd quarter valued at about $184,267,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Revolution Medicines by 82.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 912,335 shares of the company’s stock valued at $170,862,000 after acquiring an additional 411,740 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Jack Anders sold 4,053 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 $807,519.72. Following the transaction, the chief financial officer directly owned 119,216 shares in the company, valued at approximately $23,752,595.84. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Goldsmith sold 13,988 shares of the company’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 sale, the insider directly owned 253,342 shares of the company’s stock, valued at approximately $50,475,860.08. This represents a 5.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 290,991 shares of company stock valued at $59,422,765. Corporate insiders own 7.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RVMD shares. Wall Street Zen raised Revolution Medicines from a “sell” rating to a “hold” rating in a report on Saturday. Brookline Capital Markets assumed coverage on Revolution Medicines in a research report on Monday, September 28th. They set a “buy” rating and a $318.00 price target on the stock. HC Wainwright upped their target price on Revolution Medicines from $280.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday. Evercore reiterated an “outperform” rating and set a $320.00 target price on shares of Revolution Medicines in a research report on Thursday, August 27th. Finally, Sanford C. Bernstein lifted their price target on shares of Revolution Medicines from $151.00 to $179.00 and gave the company a “market perform” rating in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Revolution Medicines has a consensus rating of “Moderate Buy” and a consensus price target of $263.15.

Revolution Medicines Stock Up 4.1%

Shares of NASDAQ:RVMD opened at $200.15 on Tuesday. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40. Revolution Medicines, Inc. has a 1 year low of $61.50 and a 1 year high of $224.31. The business’s 50 day moving average price is $196.73 and its 200-day moving average price is $157.98.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.35) by $0.45. The firm had revenue of $197.56 million during the quarter, compared to analysts’ expectations of $25.58 million. During the same quarter in the previous year, the business posted ($1.61) EPS. On average, equities analysts anticipate that Revolution Medicines, Inc. will post -7.88 earnings per share for the current year.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company’s research centers on RAS proteins, which can contribute to the growth of many cancers.

The company’s pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.