Alphabet Inc. Trims Position in Revolution Medicines, Inc. $RVMD

Key Points

• Alphabet Inc. cut its stake in Revolution Medicines by 19.1% in the fourth quarter, selling 788,175 shares but still holding 3.35 million shares worth about $266.4 million. The position remains Alphabet’s third-largest and makes up roughly 10.3% of its portfolio.
• Insiders have also been selling shares, including CEO Mark A. Goldsmith’s sale of 120,000 shares for about $18.0 million. Over the past 90 days, insiders sold 148,592 shares valued at $20.9 million.
• Analysts remain largely bullish on RVMD, with multiple firms issuing buy or outperform ratings and HC Wainwright raising its price target to $195. The stock traded up 3.1% to $153.87, near its 52-week high of $166.50.

Alphabet Inc. trimmed its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 19.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,345,102 shares of the company's stock after selling 788,175 shares during the quarter. Revolution Medicines comprises about 10.3% of Alphabet Inc.'s investment portfolio, making the stock its 3rd biggest position. Alphabet Inc. owned about 1.73% of Revolution Medicines worth $266,437,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in shares of Revolution Medicines by 1.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,066 shares of the company's stock worth $802,000 after purchasing an additional 125 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Revolution Medicines by 0.4% in the fourth quarter. Deutsche Bank AG now owns 32,217 shares of the company's stock worth $2,566,000 after purchasing an additional 130 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Revolution Medicines by 33.1% in the fourth quarter. Signaturefd LLC now owns 656 shares of the company's stock worth $52,000 after purchasing an additional 163 shares during the last quarter. Allworth Financial LP grew its position in Revolution Medicines by 57.2% in the fourth quarter. Allworth Financial LP now owns 577 shares of the company's stock worth $46,000 after acquiring an additional 210 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Revolution Medicines by 44.7% in the fourth quarter. Farther Finance Advisors LLC now owns 751 shares of the company's stock worth $60,000 after acquiring an additional 232 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 120,000 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total transaction of $18,010,800.00. Following the completion of the transaction, the insider owned 276,698 shares in the company, valued at $41,529,602.82. The trade was a 30.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen Michael Kelsey sold 4,302 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $427,962.96. Following the transaction, the insider owned 295,398 shares of the company's stock, valued at $29,386,193.04. This trade represents a 1.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 148,592 shares of company stock valued at $20,855,132. 7.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on RVMD shares. HC Wainwright lifted their price target on Revolution Medicines from $169.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Truist Financial started coverage on Revolution Medicines in a research report on Monday, May 18th. They issued a "buy" rating and a $179.00 price target for the company. Wedbush reiterated an "outperform" rating on shares of Revolution Medicines in a research report on Monday, June 1st. UBS Group started coverage on Revolution Medicines in a research report on Friday, February 27th. They issued a "buy" rating for the company. Finally, Evercore reiterated an "outperform" rating on shares of Revolution Medicines in a research report on Tuesday, April 14th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $123.72.

Revolution Medicines Trading Up 3.1%

RVMD opened at $153.87 on Friday. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $166.50. The stock has a 50-day moving average of $140.76 and a 200 day moving average of $110.42. The firm has a market cap of $32.71 billion, a P/E ratio of -21.76 and a beta of 1.40. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its earnings results 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 last year, the firm posted ($1.13) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -7.94 EPS for the current 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.

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