Revolution Medicines, Inc. $RVMD Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC dramatically increased its stake in Revolution Medicines by 1,055.4% in the first quarter, ending with 32,791 shares valued at about $3.19 million. Other institutional investors also added to positions, and hedge funds/institutions now own 94.34% of the stock.
• The stock was trading near its 52-week high at $189.23, with a market cap of $40.23 billion. Revolution Medicines also reported a wider-than-expected quarterly loss of $2.29 per share, missing analyst estimates.
• Analysts remain broadly positive on the company, with several raising price targets, including Guggenheim to $235 and Mizuho to $215. The consensus rating is still Moderate Buy, despite some insider selling in recent months.

Hsbc Holdings PLC grew its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 1,055.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,791 shares of the company's stock after purchasing an additional 29,953 shares during the quarter. Hsbc Holdings PLC's holdings in Revolution Medicines were worth $3,192,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Global Retirement Partners LLC increased its position in Revolution Medicines by 1,002.8% during the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company's stock valued at $32,000 after buying an additional 361 shares in the last quarter. Indiana Trust & Investment Management Co acquired a new stake in Revolution Medicines in the fourth quarter worth about $32,000. Torren Management LLC purchased a new stake in shares of Revolution Medicines during the fourth quarter worth about $33,000. Arax Advisory Partners purchased a new stake in shares of Revolution Medicines during the fourth quarter worth about $38,000. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Revolution Medicines during the fourth quarter worth about $40,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Trading Up 0.3%

Shares of NASDAQ:RVMD opened at $189.23 on Friday. The company has a current ratio of 6.80, a quick 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 business has a 50 day moving average of $168.87 and a two-hundred day moving average of $131.73. The company has a market capitalization of $40.23 billion, a PE ratio of -26.77 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts' consensus estimates of ($1.83) by ($0.46). During the same period last year, the business earned ($1.13) EPS. As a group, analysts forecast that Revolution Medicines, Inc. will post -7.9 EPS for the current year.

Insider Activity

In related news, COO Margaret A. Horn sold 29,600 shares of the firm's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $160.12, for a total transaction of $4,739,552.00. Following the sale, the chief operating officer owned 154,647 shares in the company, valued at approximately $24,762,077.64. This trade represents a 16.07% decrease in their ownership of the stock. The transaction 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 Stephen Michael Kelsey sold 4,175 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the sale, the insider owned 291,876 shares in the company, valued at approximately $45,567,681.12. This represents a 1.41% 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. Insiders sold a total of 132,497 shares of company stock valued at $21,470,486 in the last three months. Corporate insiders own 7.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on RVMD shares. Mizuho increased their price objective on shares of Revolution Medicines from $185.00 to $215.00 and gave the company an "outperform" rating in a research report on Monday, July 6th. Sanford C. Bernstein initiated coverage on shares of Revolution Medicines in a research report on Thursday, May 21st. They set a "market perform" rating and a $151.00 target price on the stock. Evercore reaffirmed an "outperform" rating on shares of Revolution Medicines in a report on Tuesday, April 14th. HC Wainwright reiterated a "buy" rating and set a $195.00 price objective on shares of Revolution Medicines in a research note on Monday, July 6th. Finally, Guggenheim boosted their price objective on shares of Revolution Medicines from $205.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $144.67.

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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