Zweig DiMenna Associates LLC Sells 96,313 Shares of Revolution Medicines, Inc. $RVMD

Zweig DiMenna Associates LLC reduced its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 92.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 8,287 shares of the company’s stock after selling 96,313 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Revolution Medicines were worth $806,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Revolution Medicines in the fourth quarter valued at about $195,568,000. Avoro Capital Advisors LLC bought a new stake in shares of Revolution Medicines in the fourth quarter worth about $172,840,000. UBS Group AG increased its holdings in Revolution Medicines by 183.6% during the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock valued at $245,954,000 after purchasing an additional 1,998,972 shares during the period. Polar Capital Holdings Plc increased its holdings in Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after purchasing an additional 1,535,686 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in Revolution Medicines by 197.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after purchasing an additional 1,463,155 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

Shares of Revolution Medicines stock opened at $184.97 on Wednesday. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $193.82. The firm has a market capitalization of $39.32 billion, a P/E ratio of -26.16 and a beta of 1.37. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $162.78 and a two-hundred day simple moving average of $126.23.

Revolution Medicines (NASDAQ:RVMD) last released its 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 period in the previous year, the firm earned ($1.13) EPS. On average, equities analysts forecast that Revolution Medicines, Inc. will post -7.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RVMD has been the subject of several research analyst reports. Sanford C. Bernstein initiated coverage on Revolution Medicines in a report on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price objective for the company. Oppenheimer boosted their target price on Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Needham & Company LLC upped their target price on Revolution Medicines from $183.00 to $235.00 and gave the company a “buy” rating in a report on Monday, June 29th. Piper Sandler raised their price target on Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $195.00 price target on shares of Revolution Medicines in a report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Revolution Medicines has an average rating of “Moderate Buy” and an average target price of $144.00.

Insider Buying and Selling at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the sale, the insider owned 267,330 shares of the company’s stock, valued at $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 company’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 completion of the sale, the director owned 21,656 shares in the company, valued at approximately $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 a total of 132,497 shares of company stock valued at $21,470,486 over the last three months. 7.60% of the stock is currently owned by corporate 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.