Revolution Medicines, Inc. $RVMD Shares Newly Acquired by QP Wealth Management LLC

QP Wealth Management LLC bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 5,851 shares of the company’s stock, valued at approximately $1,201,000. Revolution Medicines makes up 1.8% of QP Wealth Management LLC’s portfolio, making the stock its 21st largest holding.

Other institutional investors have also bought and sold shares of the company. Equitable Holdings Inc. bought a new stake in Revolution Medicines in the 2nd quarter valued at $963,000. State of Wyoming acquired a new position in Revolution Medicines in the 2nd quarter valued at $1,769,000. Handelsbanken Fonder AB increased its position in Revolution Medicines by 243.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 212,275 shares of the company’s stock worth $39,755,000 after buying an additional 150,500 shares during the period. Bank of New York Mellon Corp bought a new position in Revolution Medicines during the 2nd quarter worth $112,566,000. Finally, Assenagon Asset Management S.A. bought a new position in Revolution Medicines during the 2nd quarter worth $37,547,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on RVMD shares. TD Cowen restated a “buy” rating on shares of Revolution Medicines in a research note on Thursday, October 8th. Royal Bank Of Canada raised their price target on shares of Revolution Medicines from $259.00 to $260.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 14th. UBS Group lifted their price objective on shares of Revolution Medicines from $220.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Bank of America boosted their price objective on shares of Revolution Medicines from $225.00 to $265.00 and gave the company a “buy” rating in a report on Monday, September 21st. Finally, Brookline Capital Markets began coverage on shares of Revolution Medicines in a research report on Monday, September 28th. They set a “buy” rating and a $318.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $242.60.

Revolution Medicines Stock Performance

NASDAQ RVMD opened at $196.55 on Wednesday. The firm’s fifty day moving average price is $202.54 and its two-hundred day moving average price is $175.28. The stock has a market cap of $42.13 billion, a PE ratio of -22.28 and a beta of 1.40. Revolution Medicines, Inc. has a fifty-two week low of $52.48 and a fifty-two week high of $224.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter last year, the company posted ($1.31) EPS. On average, equities analysts expect that Revolution Medicines, Inc. will post -8.93 EPS for the current fiscal year.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 4,053 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total transaction of $807,519.72. Following the completion of the sale, the chief financial officer directly owned 119,216 shares in the company, valued at approximately $23,752,595.84. This trade represents a 3.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total value of $2,786,969.12. Following the sale, the insider directly owned 253,342 shares of the company’s stock, valued at $50,475,860.08. This represents a 5.23% decrease in their position. 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. In the last 90 days, insiders sold 290,991 shares of company stock worth $59,422,765. Corporate insiders own 7.60% of the company’s stock.

About Revolution Medicines

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.