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

Royal Bank of Canada reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 26.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 371,743 shares of the company’s stock after selling 131,978 shares during the period. Royal Bank of Canada owned approximately 0.17% of Revolution Medicines worth $36,151,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RVMD. Vanguard Group Inc. grew its holdings in Revolution Medicines by 6.7% during the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock valued at $1,331,739,000 after purchasing an additional 1,056,792 shares during the period. Janus Henderson Group PLC increased its stake in Revolution Medicines by 8.3% in the fourth quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company’s stock valued at $980,036,000 after purchasing an additional 947,448 shares in the last quarter. Nextech Invest Ltd. raised its holdings in Revolution Medicines by 20.7% in the fourth 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. Paradigm Biocapital Advisors LP raised its holdings in Revolution Medicines by 6.8% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,644,403 shares of the company’s stock worth $529,227,000 after purchasing an additional 421,112 shares during the period. Finally, Bellevue Group AG boosted its position in shares of Revolution Medicines by 21.7% during the third quarter. Bellevue Group AG now owns 5,573,838 shares of the company’s stock worth $260,298,000 after purchasing an additional 994,538 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

Insider Activity at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 4,175 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $651,801.00. Following the completion of the transaction, the insider owned 291,876 shares in the company, valued at $45,567,681.12. This trade represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sushil Patel sold 5,580 shares of Revolution Medicines stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $187.99, for a total value of $1,048,984.20. Following the completion of the sale, the director directly owned 21,656 shares in the company, valued at approximately $4,071,111.44. This represents a 20.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 132,497 shares of company stock worth $21,470,486. Corporate insiders own 7.60% of the company’s stock.

Analyst Ratings Changes

RVMD has been the subject of several research analyst reports. Evercore restated an “outperform” rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Mizuho lifted their target price on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, July 6th. Needham & Company LLC boosted their target price on Revolution Medicines from $235.00 to $236.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Guggenheim increased their price target on Revolution Medicines from $205.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Trading Down 2.7%

NASDAQ RVMD opened at $182.45 on Tuesday. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $194.56. 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 stock’s 50 day moving average price is $173.19 and its two-hundred day moving average price is $135.41. The stock has a market capitalization of $38.79 billion, a price-to-earnings ratio of -25.81 and a beta of 1.39.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter last year, the company earned ($1.13) EPS. As a group, analysts anticipate that Revolution Medicines, Inc. will post -7.92 earnings per share for the current fiscal year.

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.