10 Cash-Rich Mid Cap Stocks To Buy Now

4. Revolution Medicines, Inc. (NASDAQ:RVMD)

Number of Hedge Fund Holders: 60

Cash and Cash Equivalents as of December 31, 2024: $2,289,299,000

Revolution Medicines, Inc. (NASDAQ:RVMD) is a clinical-stage oncology company that focuses on providing targeted therapies for RAS-driven cancers. On December 3, 2024, the company announced that it is raising around $750 million through a stock offering. Revolution planned to sell over 14.1 million shares at $46 each, plus pre-funded warrants for an additional 2.17 million shares. Investors also had the option to buy 2.44 million more shares within 30 days. Prominent banks like JP Morgan and Goldman Sachs led the deal, which was expected to close by December 5, 2024. It is one of the best cash rich stocks to invest in.

In December 2024, Revolution Medicines, Inc. (NASDAQ:RVMD) raised $823 million through a public equity offering, strengthening its cash reserves to $2.3 billion. The funds will help expand its product pipeline and prepare for the potential launch of daraxonrasib, after FDA approval is received. R&D spending jumped to $188.1 million in Q4 2024, mainly due to increased clinical trial costs and hiring. Meanwhile, general and administrative expenses dropped to $28.2 million from $32.2 million last year, mostly because of the wind down of EQRx. The company reported a net loss of $194.6 million for the quarter, up from $161.5 million the previous year.

In the fourth quarter of 2024, 60 hedge funds were bullish on Revolution Medicines, Inc. (NASDAQ:RVMD), up from 44 funds in the earlier quarter. Farallon Capital was the largest stakeholder of the company, with 13.2 million shares worth $579.5 million.