REDWOOD CITY, Calif.—Thilo Schroeder, a director at Revolution Medicines, Inc. (NASDAQ:RVMD), recently increased his holdings in the company with substantial purchases of common stock. According to a recent SEC filing, Schroeder acquired a total of 1,304,347 shares at a price of $46 per share, totaling approximately $59.9 million. The purchase comes as the stock has shown remarkable strength, delivering a 67% gain year-to-date, with analysts maintaining a strong buy consensus and a high price target of $87.
These transactions were made indirectly through Nextech Crossover I SCSP and Nextech VIII SCSP, as noted in the filing. Following these acquisitions, Schroeder's total indirect holdings in Revolution Medicines have significantly increased, reflecting his continued confidence in the company's prospects.
Revolution Medicines, based in Redwood (NYSE:RWT) City, California, is a biotechnology company focused on developing targeted therapies for cancer treatment.
In other recent news, Revolution Medicines successfully completed a public offering, raising approximately $823 million, thus bolstering its financial position for future growth. The offering involved the sale of over 16 million shares of common stock, led by underwriters such as J.P. Morgan Securities LLC and Goldman Sachs & Co (NYSE:GS). LLC. This follows a recent announcement by the company of a public offering of common stock valued at up to $600 million.
Following these developments, Needham adjusted its price target for Revolution from $68 to $62, while maintaining a Buy rating. Guggenheim also maintained its Buy rating and increased the price target to $87. These adjustments come after significant updates from Revolution's clinical trials for RAS-addicted cancers. The company's RMC-6236-001 study demonstrated positive safety and tolerability in pancreatic ductal adenocarcinoma treatment.
Despite a net loss of $156.3 million for the third quarter, Revolution Medicines maintains a robust cash position of $1.55 billion, expected to fund operations into 2027. These are some of the recent developments in Revolution Medicines' ongoing clinical programs.
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