Pictet Asset Management Holding SA Trims Stake in Revolution Medicines, Inc. $RVMD

Key Points

• Pictet Asset Management cut its stake in Revolution Medicines by 51% in the first quarter, though institutional ownership remains very high at 94.34% of the company.
• The stock rose 5.8% and is trading near its 52-week high of $192.80, giving the company a market cap of about $40.95 billion.
• Revolution Medicines reported a wider-than-expected Q1 loss of $2.29 per share, while analysts remain broadly constructive with a consensus rating of “Buy” and several recent price-target increases.

Pictet Asset Management Holding SA reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 51.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 557,560 shares of the company's stock after selling 579,561 shares during the quarter. Pictet Asset Management Holding SA owned 0.28% of Revolution Medicines worth $53,592,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC grew its holdings in shares of Revolution Medicines by 1,002.8% during the fourth quarter. Global Retirement Partners LLC now owns 397 shares of the company's stock worth $32,000 after purchasing an additional 361 shares in the last quarter. Indiana Trust & Investment Management Co purchased a new stake in Revolution Medicines in the fourth quarter valued at approximately $32,000. Torren Management LLC bought a new stake in Revolution Medicines during the fourth quarter valued at approximately $33,000. Arax Advisory Partners bought a new stake in Revolution Medicines during the fourth quarter valued at approximately $38,000. Finally, Darwin Wealth Management LLC purchased a new position in Revolution Medicines in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 94.34% of the company's stock.

Revolution Medicines Stock Up 5.8%

Shares of NASDAQ RVMD opened at $192.62 on Tuesday. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $192.80. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The firm's 50 day simple moving average is $152.64 and its two-hundred day simple moving average is $117.75. The stock has a market capitalization of $40.95 billion, a P/E ratio of -27.24 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the firm earned ($1.13) EPS. As a group, analysts expect that Revolution Medicines, Inc. will post -7.94 EPS for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other news, COO Margaret A. Horn sold 29,600 shares of the firm's stock in a transaction dated 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 directly owned 154,647 shares of the company's stock, valued at approximately $24,762,077.64. This trade represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $1,564,322.40. Following the completion of the transaction, the insider owned 267,330 shares in the company, valued at approximately $41,735,559.60. This represents a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 246,917 shares of company stock valued at $38,432,302. Company insiders own 7.60% of the company's stock.

Wall Street Analysts Forecast Growth

RVMD has been the topic of a number of research analyst reports. Sanford C. Bernstein started coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They issued a "market perform" rating and a $151.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Revolution Medicines in a report on Monday, March 16th. They set a "buy" rating for the company. Truist Financial began coverage on shares of Revolution Medicines in a research report on Monday, May 18th. They issued a "buy" rating and a $179.00 target price for the company. Needham & Company LLC increased their target price on Revolution Medicines from $183.00 to $235.00 and gave the company a "buy" rating in a research note on Monday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Revolution Medicines has a consensus rating of "Buy" and a consensus target price of $132.78.

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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