Candriam S.C.A. Trims Position in Revolution Medicines, Inc. $RVMD

Key Points

• Candriam S.C.A. cut its stake in Revolution Medicines by 43.7% in the first quarter, though it still held 580,677 shares valued at about $56.5 million.
• Analysts remain mostly bullish on RVMD, with a consensus rating of “Moderate Buy” and an average target price of $144, even as one firm kept a sell rating.
• The company reported a wider-than-expected loss of $2.29 per share in its latest quarter, while insiders also sold shares in recent months, including the CEO and COO in June.

Candriam S.C.A. decreased its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 43.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 580,677 shares of the company's stock after selling 450,315 shares during the quarter. Candriam S.C.A. owned approximately 0.27% of Revolution Medicines worth $56,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RVMD. Hsbc Holdings PLC grew its stake in shares of Revolution Medicines by 1,055.4% during the 1st quarter. Hsbc Holdings PLC now owns 32,791 shares of the company's stock valued at $3,192,000 after purchasing an additional 29,953 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Revolution Medicines by 4,828.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 270,972 shares of the company's stock worth $26,352,000 after purchasing an additional 265,474 shares during the period. Resona Asset Management Co. Ltd. bought a new position in shares of Revolution Medicines in the 1st quarter worth approximately $4,024,000. Abel Hall LLC boosted its holdings in shares of Revolution Medicines by 6.1% in the first quarter. Abel Hall LLC now owns 5,842 shares of the company's stock worth $568,000 after buying an additional 334 shares during the last quarter. Finally, Praxis Investment Management Inc. grew its position in Revolution Medicines by 16.7% during the first quarter. Praxis Investment Management Inc. now owns 5,402 shares of the company's stock valued at $525,000 after buying an additional 772 shares during the period. 94.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RVMD has been the subject of a number of research reports. Piper Sandler upped their target price on shares of Revolution Medicines to $172.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Evercore restated an "outperform" rating on shares of Revolution Medicines in a research note on Tuesday, April 14th. Jefferies Financial Group started coverage on Revolution Medicines in a report on Monday, March 16th. They issued a "buy" rating on the stock. Guggenheim lifted their target price on Revolution Medicines from $205.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Weiss Ratings restated 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 given a Sell rating to the company. Based on data from MarketBeat.com, Revolution Medicines presently has an average rating of "Moderate Buy" and a consensus target price of $144.00.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $186.88 on Friday. The stock has a market cap of $39.73 billion, a PE ratio of -26.43 and a beta of 1.37. Revolution Medicines, Inc. has a 1 year low of $34.00 and a 1 year high of $193.82. The firm has a fifty day moving average price of $161.23 and a 200-day moving average price of $124.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the prior year, the company earned ($1.13) EPS. Equities analysts anticipate that Revolution Medicines, Inc. will post -7.92 earnings per share for the current fiscal year.

Insider Activity at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the sale, the insider owned 267,330 shares in the company, valued at $41,735,559.60. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of the company's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $160.12, for a total transaction of $4,739,552.00. Following the transaction, the chief operating officer owned 154,647 shares of the company's stock, valued at approximately $24,762,077.64. This represents a 16.07% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 252,497 shares of company stock worth $39,481,286 in the last three months. Corporate insiders own 7.60% of the company's stock.

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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