Royal Bank of Canada Sells 131,978 Shares of Revolution Medicines, Inc. $RVMD

Royal Bank of Canada lowered its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 26.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 371,743 shares of the company’s stock after selling 131,978 shares during the quarter. Royal Bank of Canada’s holdings in Revolution Medicines were worth $36,151,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Revolution Medicines in the 4th quarter valued at about $195,568,000. Avoro Capital Advisors LLC bought a new position in Revolution Medicines during the fourth quarter worth about $172,840,000. UBS Group AG grew its holdings in Revolution Medicines by 183.6% during the fourth quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock worth $245,954,000 after purchasing an additional 1,998,972 shares during the period. Polar Capital Holdings Plc increased its position in Revolution Medicines by 321.2% during the fourth quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock worth $160,398,000 after buying an additional 1,535,686 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in Revolution Medicines by 197.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock worth $175,672,000 after buying an additional 1,463,155 shares during the last quarter. Institutional investors own 94.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wedbush lifted their target price on Revolution Medicines from $181.00 to $192.10 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Guggenheim upped their price objective on Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Stifel Nicolaus reiterated a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Piper Sandler lifted their target price on Revolution Medicines to $172.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada upped their price target on shares of Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $144.67.

Revolution Medicines Trading Down 2.7%

NASDAQ:RVMD opened at $182.45 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. The firm has a market cap of $38.79 billion, a P/E ratio of -25.81 and a beta of 1.39. The firm’s fifty day moving average is $173.19 and its 200-day moving average is $135.41. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $194.56.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the prior year, the business earned ($1.13) EPS. Equities analysts expect that Revolution Medicines, Inc. will post -7.92 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, CFO Jack Anders sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at $20,749,870.77. This trade represents a 13.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark A. Goldsmith sold 10,020 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the sale, the insider directly owned 267,330 shares of the company’s stock, valued at $41,735,559.60. The trade was a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 132,497 shares of company stock valued at $21,470,486 over the last quarter. 7.60% of the stock is currently owned by company insiders.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.