Bank of America Corp DE Trims Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Bank of America Corp DE lowered its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 401,043 shares of the company's stock after selling 27,075 shares during the period. Bank of America Corp DE owned approximately 0.24% of Revolution Medicines worth $17,542,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Revolution Medicines by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company's stock worth $747,799,000 after buying an additional 2,185,082 shares during the period. FMR LLC increased its holdings in shares of Revolution Medicines by 14.7% in the fourth quarter. FMR LLC now owns 6,742,083 shares of the company's stock worth $294,899,000 after buying an additional 866,190 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Revolution Medicines by 10.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,865,962 shares of the company's stock worth $256,578,000 after buying an additional 552,657 shares during the period. Boxer Capital Management LLC purchased a new position in Revolution Medicines during the 4th quarter valued at about $187,184,000. Finally, Geode Capital Management LLC increased its holdings in Revolution Medicines by 12.7% during the 4th quarter. Geode Capital Management LLC now owns 4,086,199 shares of the company's stock valued at $180,171,000 after purchasing an additional 459,174 shares during the period. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Performance

Shares of RVMD traded up $0.97 during mid-day trading on Friday, reaching $39.77. The company had a trading volume of 1,398,581 shares, compared to its average volume of 1,491,420. The company has a market capitalization of $7.41 billion, a price-to-earnings ratio of -11.08 and a beta of 1.11. Revolution Medicines, Inc. has a 52 week low of $29.17 and a 52 week high of $62.40. The firm has a 50-day moving average price of $37.52 and a 200 day moving average price of $42.78.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.01). During the same quarter last year, the company earned ($0.70) earnings per share. As a group, research analysts forecast that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Oppenheimer boosted their price target on Revolution Medicines from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Needham & Company LLC restated a "buy" rating and set a $57.00 price target on shares of Revolution Medicines in a report on Thursday, May 8th. Wedbush restated an "outperform" rating and set a $67.00 price target on shares of Revolution Medicines in a report on Thursday, May 8th. HC Wainwright restated a "buy" rating and set a $72.00 price target (down previously from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Finally, Guggenheim reduced their target price on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $67.08.

Insider Buying and Selling at Revolution Medicines

In other news, COO Margaret A. Horn sold 3,058 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $119,384.32. Following the completion of the sale, the chief operating officer now directly owns 153,533 shares in the company, valued at $5,993,928.32. This represents a 1.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 11,738 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the sale, the insider now owns 441,564 shares of the company's stock, valued at $17,238,658.56. This trade represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,660 shares of company stock worth $650,406 in the last three months. 8.20% of the stock is currently owned by company insiders.

Revolution Medicines Profile

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.