Tang Capital Management LLC Purchases New Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Tang Capital Management LLC purchased a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 100,000 shares of the company’s stock, valued at approximately $4,374,000.

Several other institutional investors also recently bought and sold shares of the stock. Tema Etfs LLC purchased a new position in Revolution Medicines during the fourth quarter valued at approximately $1,991,000. Stempoint Capital LP increased its position in shares of Revolution Medicines by 1,062.1% in the fourth quarter. Stempoint Capital LP now owns 193,535 shares of the company’s stock valued at $8,465,000 after buying an additional 176,881 shares in the last quarter. Sandia Investment Management LP purchased a new stake in shares of Revolution Medicines in the fourth quarter valued at approximately $219,000. Rafferty Asset Management LLC increased its position in shares of Revolution Medicines by 2.9% in the fourth quarter. Rafferty Asset Management LLC now owns 172,786 shares of the company’s stock valued at $7,558,000 after buying an additional 4,947 shares in the last quarter. Finally, Polar Asset Management Partners Inc. increased its position in shares of Revolution Medicines by 46.0% in the fourth quarter. Polar Asset Management Partners Inc. now owns 34,600 shares of the company’s stock valued at $1,513,000 after buying an additional 10,900 shares in the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Mark A. Goldsmith sold 11,738 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the transaction, the insider now owns 441,564 shares of the company’s stock, valued at $17,238,658.56. This represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Margaret A. Horn sold 3,058 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $119,384.32. Following the completion of the transaction, the chief operating officer now directly owns 153,533 shares in the company, valued at approximately $5,993,928.32. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,660 shares of company stock valued at $650,406. Insiders own 8.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RVMD shares. Wedbush restated an “outperform” rating and issued a $67.00 price objective on shares of Revolution Medicines in a research report on Thursday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $57.00 price objective on shares of Revolution Medicines in a research report on Thursday, May 8th. Stifel Nicolaus cut their price objective on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Guggenheim cut their price objective on Revolution Medicines from $87.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Finally, Oppenheimer boosted their price objective on Revolution Medicines from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $67.08.

Revolution Medicines Price Performance

Shares of NASDAQ:RVMD opened at $39.54 on Friday. The business’s 50 day moving average price is $37.49 and its 200-day moving average price is $43.12. The firm has a market capitalization of $7.37 billion, a PE ratio of -11.01 and a beta of 1.11. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.01). During the same period in the prior year, the business earned ($0.70) earnings per share. As a group, analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

About Revolution Medicines

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company’s research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.