Revolution Medicines Insider Sells 100,000 Shares for $4.4 Million

Revolution Medicines, Inc. (NASDAQ: RVMD) experienced a significant insider transaction when Stephen Michael Kelsey sold 100,000 shares of the company’s stock on September 11, 2023. The shares were sold at an average price of $44.08, resulting in a total transaction value of $4,408,000. Following this sale, Kelsey now holds 289,414 shares of the company, valued at approximately $12,757,369.12, equating to a 25.68% reduction in his ownership stake.

The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which can be accessed through their official platform. This transaction adds to the recent trading activity involving Kelsey, raising interest among investors and analysts alike.

Revolution Medicines Stock Performance and Analyst Ratings

On the trading day following the sale, Revolution Medicines opened at $46.20. The company’s financial metrics indicate a debt-to-equity ratio of 0.13, with a current ratio and quick ratio both at 11.79. Revolution Medicines has seen stock fluctuations with a 52-week low of $29.17 and a high of $62.40. As of now, the company boasts a market capitalization of $8.64 billion and a P/E ratio of -10.27.

Recent analyst reports have further fueled interest in Revolution Medicines. Lifesci Capital initiated coverage with an “outperform” rating and a price target of $80.00 on August 18, 2023. Following this, Truist Financial also commenced coverage, issuing a “buy” rating with a price target of $99.00 on September 5, 2023. Additionally, Wedbush recently raised its price target from $73.00 to $77.00, and Wells Fargo & Company adjusted their target from $67.00 to $70.00 on the same day as Kelsey’s sale.

Currently, one analyst has assigned the stock a Strong Buy rating, while fourteen others have rated it as a Buy. According to MarketBeat.com, the consensus rating for Revolution Medicines is “Buy” with an average target price of $73.67.

Institutional Investor Activity

Several institutional investors have made recent adjustments to their positions in Revolution Medicines, reflecting growing confidence in the company. Principal Financial Group Inc. increased its stake by 2.1% in the first quarter, now owning 12,792 shares worth $452,000. Similarly, the California State Teachers Retirement System raised its stake by 0.3% in the second quarter, holding 140,077 shares valued at $5,153,000.

In a notable move, CWM LLC expanded its holdings by 171.3% in the same period, bringing its total to 917 shares valued at $34,000. Mirae Asset Global Investments Co. Ltd. increased its stake by 11.0% during the first quarter, now owning 6,221 shares worth $232,000. GF Fund Management CO. LTD. also boosted its position by 21.9%, now controlling 4,307 shares valued at $152,000.

Overall, institutional investors and hedge funds currently hold 94.34% of Revolution Medicines’ stock, underscoring the significant backing the company has from major financial players.

Revolution Medicines, Inc. is recognized as a clinical-stage precision oncology company focused on developing targeted therapies for RAS-addicted cancers. Its research pipeline includes RAS(ON) inhibitors intended for both monotherapy and combination treatment strategies, positioning the company as a key player in the oncology landscape.