Bessemer Group Inc. Sells 69,600 Shares of Revolution Medicines, Inc. $RVMD

Bessemer Group Inc. reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 59.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,062 shares of the company's stock after selling 69,600 shares during the period. Bessemer Group Inc.'s holdings in Revolution Medicines were worth $4,675,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RVMD. Vanguard Group Inc. boosted its stake in Revolution Medicines by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Revolution Medicines by 194.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company's stock valued at $1,696,000 after buying an additional 14,062 shares in the last quarter. Mass General Brigham Inc bought a new position in shares of Revolution Medicines in the fourth quarter valued at about $27,407,000. Eagle Health Investments LP acquired a new position in Revolution Medicines during the 4th quarter worth about $9,231,000. Finally, M&T Bank Corp acquired a new position in Revolution Medicines during the 4th quarter worth about $52,723,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RVMD has been the topic of a number of research analyst reports. Evercore reissued an "outperform" rating on shares of Revolution Medicines in a report on Tuesday, April 14th. 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 research report on Tuesday, June 30th. Piper Sandler increased their price target on shares of Revolution Medicines to $172.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Oppenheimer raised their price target on shares of Revolution Medicines from $165.00 to $195.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Revolution Medicines presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.06.

Insider Activity

In other news, Director Sushil Patel sold 5,580 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $187.99, for a total transaction of $1,048,984.20. Following the sale, the director owned 21,656 shares of the company's stock, valued at $4,071,111.44. This trade represents a 20.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total value of $1,564,322.40. Following the transaction, the insider owned 267,330 shares in the company, valued at $41,735,559.60. This trade represents a 3.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 132,497 shares of company stock valued at $21,470,486. Company insiders own 7.60% of the company's stock.

Revolution Medicines Stock Down 3.1%

NASDAQ:RVMD opened at $180.39 on Tuesday. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. Revolution Medicines, Inc. has a 12-month low of $34.00 and a 12-month high of $193.82. The stock's fifty day simple moving average is $165.80 and its 200-day simple moving average is $129.09. The firm has a market capitalization of $38.35 billion, a P/E ratio of -25.51 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly 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 business posted ($1.13) EPS. Equities research analysts expect that Revolution Medicines, Inc. will post -7.92 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.