Bank of America Corp DE Cuts Holdings in Revolution Medicines, Inc. $RVMD

Key Points

• Bank of America reduced its Revolution Medicines stake by 30.2% in the first quarter, selling 265,688 shares and retaining 614,157 shares valued at approximately $59.7 million. Institutional investors collectively own 94.34% of RVMD.
• Wall Street remains broadly bullish: 19 analysts rate the stock a Buy, with an average “Moderate Buy” rating and a $160.68 price target, despite shares opening at $206.97 and trading near their 52-week high.
• Revolution Medicines reported a quarterly loss of $3.06 per share, missing estimates by $1.02; analysts expect a full-year loss of $8.19 per share. Company insiders have sold 132,497 shares worth about $21.5 million over the past 90 days.

Bank of America Corp DE cut its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 30.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 614,157 shares of the company's stock after selling 265,688 shares during the period. Bank of America Corp DE owned about 0.29% of Revolution Medicines worth $59,727,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Revolution Medicines by 6.7% during 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 in the last quarter. Janus Henderson Group PLC increased its holdings in Revolution Medicines by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company's stock worth $980,036,000 after acquiring an additional 947,448 shares in the last quarter. Nextech Invest Ltd. increased its stake in shares of 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 in the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Revolution Medicines by 6.8% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,644,403 shares of the company's stock valued at $529,227,000 after purchasing an additional 421,112 shares during the period. Finally, Bellevue Group AG lifted its stake in shares of Revolution Medicines by 21.7% during the 3rd quarter. Bellevue Group AG now owns 5,573,838 shares of the company's stock valued at $260,298,000 after buying an additional 994,538 shares in the last quarter. Institutional investors own 94.34% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RVMD shares. Truist Financial upped their target price on shares of Revolution Medicines from $179.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Guggenheim upped their target price on shares of Revolution Medicines from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Thursday. Royal Bank Of Canada lifted their price target on shares of Revolution Medicines from $182.00 to $203.00 and gave the company an "outperform" rating in a report on Thursday. HC Wainwright reissued a "buy" rating and set a $195.00 price objective on shares of Revolution Medicines in a report on Monday, July 6th. Finally, Evercore reaffirmed an "outperform" rating and issued a $230.00 price objective on shares of Revolution Medicines in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Revolution Medicines presently has an average rating of "Moderate Buy" and an average price target of $160.68.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $206.97 on Tuesday. The stock has a market cap of $44.36 billion, a price-to-earnings ratio of -23.47 and a beta of 1.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 11.38 and a current ratio of 11.38. The stock has a 50 day moving average price of $177.53 and a 200-day moving average price of $138.22. Revolution Medicines, Inc. has a one year low of $34.14 and a one year high of $208.76.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.04) by ($1.02). During the same period in the prior year, the company posted ($1.31) earnings per share. Equities analysts expect that Revolution Medicines, Inc. will post -8.19 EPS for the current year.

Insider Transactions at Revolution Medicines

In related news, COO Margaret A. Horn sold 29,600 shares of Revolution Medicines stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total transaction of $4,739,552.00. Following the completion of the transaction, the chief operating officer directly owned 154,647 shares of the company's stock, valued at approximately $24,762,077.64. The trade was a 16.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the company'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 owned 123,269 shares in the company, valued at $20,749,870.77. The trade was a 13.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 132,497 shares of company stock worth $21,470,486. 7.60% of the stock is currently owned by insiders.

Revolution Medicines 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.

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