Comerica Bank Reduces Position in Revolution Medicines, Inc. $RVMD

Comerica Bank cut its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 95.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 23,285 shares of the company’s stock after selling 466,931 shares during the quarter. Comerica Bank’s holdings in Revolution Medicines were worth $1,855,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RVMD. General Atlantic L.P. purchased a new position in shares of Revolution Medicines during the 3rd quarter worth about $115,556,000. UBS Group AG boosted its stake in shares of Revolution Medicines by 183.6% during the 4th 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. Nextech Invest Ltd. boosted its stake in shares of Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock worth $332,472,000 after purchasing an additional 1,304,347 shares during the period. Vestal Point Capital LP purchased a new position in shares of Revolution Medicines during the 2nd quarter worth about $44,148,000. Finally, Vanguard Group Inc. boosted its position in Revolution Medicines by 6.7% in the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock valued at $1,331,739,000 after buying an additional 1,056,792 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Revolution Medicines

In related news, insider Lin Wei sold 2,073 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total transaction of $206,222.04. Following the transaction, the insider directly owned 101,366 shares of the company’s stock, valued at $10,083,889.68. This trade represents a 2.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jack Anders sold 2,753 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total transaction of $273,868.44. Following the transaction, the chief financial officer directly owned 125,512 shares in the company, valued at approximately $12,485,933.76. The trade was a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 184,592 shares of company stock valued at $24,499,532 over the last quarter. 8.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several research reports. Truist Financial raised shares of Revolution Medicines to a “strong-buy” rating in a research report on Monday, April 27th. Benchmark reissued an “overweight” rating on shares of Revolution Medicines in a research report on Tuesday, February 17th. Stifel Nicolaus reissued a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a research report on Monday, March 16th. They issued a “buy” rating for the company. Finally, Wedbush reissued an “outperform” rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $78.94.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $151.07 on Thursday. The firm has a market cap of $32.12 billion, a price-to-earnings ratio of -25.56 and a beta of 1.41. The company’s 50 day moving average is $112.65 and its 200 day moving average is $93.81. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.16. Revolution Medicines, Inc. has a 52-week low of $34.00 and a 52-week high of $155.70.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the prior year, the firm earned ($1.13) EPS. On average, sell-side analysts anticipate that Revolution Medicines, Inc. will post -7.42 EPS for the current fiscal year.

About Revolution Medicines

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.