Hsbc Holdings PLC Sells 49,106 Shares of Revolution Medicines, Inc. $RVMD

Key Points

• Hsbc Holdings PLC has reduced its stake in Revolution Medicines, Inc. by 18.2%, selling 49,106 shares and now owning approximately 0.12% of the company, valued at $7.78 million.
• Several institutional investors have increased their positions in Revolution Medicines, with hedge funds collectively owning 94.34% of the company's stock.
• Despite reporting a larger-than-expected loss in quarterly earnings, analysts maintain a consensus "Buy" rating for the stock, with a target price averaging $69.92.

Hsbc Holdings PLC lessened its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 220,188 shares of the company's stock after selling 49,106 shares during the period. Hsbc Holdings PLC owned approximately 0.12% of Revolution Medicines worth $7,783,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Kapitalo Investimentos Ltda bought a new stake in Revolution Medicines in the fourth quarter valued at approximately $104,000. GF Fund Management CO. LTD. bought a new stake in Revolution Medicines in the fourth quarter valued at approximately $154,000. Goodman Advisory Group LLC bought a new stake in Revolution Medicines in the first quarter valued at approximately $127,000. PNC Financial Services Group Inc. increased its position in shares of Revolution Medicines by 349.7% during the first quarter. PNC Financial Services Group Inc. now owns 4,524 shares of the company's stock worth $160,000 after acquiring an additional 3,518 shares in the last quarter. Finally, Sandia Investment Management LP bought a new stake in shares of Revolution Medicines during the fourth quarter worth $219,000. Institutional investors own 94.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RVMD shares. Piper Sandler started coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They issued an "overweight" rating and a $75.00 target price for the company. Wells Fargo & Company started coverage on shares of Revolution Medicines in a research report on Friday, August 15th. They issued an "overweight" rating and a $67.00 target price for the company. Lifesci Capital started coverage on shares of Revolution Medicines in a research report on Monday, August 18th. They issued an "outperform" rating and a $80.00 target price for the company. Guggenheim reaffirmed a "buy" rating and issued a $80.00 target price on shares of Revolution Medicines in a research report on Wednesday, June 25th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $72.00 target price (down previously from $73.00) on shares of Revolution Medicines in a research report on Wednesday, May 14th. Thirteen equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $69.92.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD traded down $0.31 during mid-day trading on Friday, reaching $38.02. 914,309 shares of the company were exchanged, compared to its average volume of 1,863,421. The company's 50-day simple moving average is $37.29 and its 200-day simple moving average is $38.23. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $7.11 billion, a P/E ratio of -8.45 and a beta of 1.16. Revolution Medicines, Inc. has a twelve month low of $29.17 and a twelve month high of $62.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). The business's quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.81) EPS. As a group, research analysts predict that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

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.