Revolution Medicines, Inc. $RVMD Shares Sold by Alphabet Inc.

Key Points

• Alphabet reduced its Revolution Medicines stake by 9.3%, selling 272,710 shares in the third quarter; it still held 2.67 million shares, worth about $549 million.
• Other institutional investors increased or initiated positions, and institutions and hedge funds collectively owned 94.34% of the stock.
• Revolution Medicines beat quarterly earnings and revenue expectations. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $263.15.

Alphabet Inc. trimmed its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 9.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,673,909 shares of the company's stock after selling 272,710 shares during the period. Revolution Medicines comprises 0.6% of Alphabet Inc.'s investment portfolio, making the stock its 5th biggest holding. Alphabet Inc. owned approximately 1.25% of Revolution Medicines worth $548,847,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in RVMD. Assenagon Asset Management S.A. boosted its position in shares of Revolution Medicines by 987.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,181,185 shares of the company's stock worth $447,710,000 after purchasing an additional 1,980,699 shares during the period. Bank of America Corp DE purchased a new stake in Revolution Medicines in the second quarter valued at approximately $184,267,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Revolution Medicines by 82.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 912,335 shares of the company's stock valued at $170,862,000 after purchasing an additional 411,740 shares during the period. Deutsche Bank AG purchased a new stake in Revolution Medicines in the second quarter valued at approximately $166,308,000. Finally, Bank of New York Mellon Corp lifted its stake in Revolution Medicines by 17.2% during the first quarter. Bank of New York Mellon Corp now owns 635,366 shares of the company's stock worth $61,789,000 after purchasing an additional 93,297 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Revolution Medicines news, CFO Jack Anders sold 4,053 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $199.24, for a total transaction of $807,519.72. Following the completion of the transaction, the chief financial officer owned 119,216 shares in the company, valued at $23,752,595.84. The trade was a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 13,988 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $199.24, for a total transaction of $2,786,969.12. Following the transaction, the insider owned 253,342 shares of the company's stock, valued at $50,475,860.08. This trade represents a 5.23% 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 three months, insiders sold 290,991 shares of company stock valued at $59,422,765. 7.60% of the stock is owned by corporate insiders.

Revolution Medicines Price Performance

RVMD opened at $176.35 on Friday. The business has a fifty day moving average price of $195.24 and a 200 day moving average price of $159.06. The company has a debt-to-equity ratio of 0.44, a current ratio of 8.36 and a quick ratio of 8.34. Revolution Medicines, Inc. has a 12 month low of $63.50 and a 12 month high of $224.31.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($1.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.35) by $0.45. The company had revenue of $197.56 million during the quarter, compared to analysts' expectations of $25.58 million. During the same quarter in the previous year, the business posted ($1.61) EPS. As a group, sell-side analysts anticipate that Revolution Medicines, Inc. will post -7.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RVMD has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on Revolution Medicines in a research note on Thursday, September 24th. They issued a "buy" rating and a $267.00 price objective for the company. TD Cowen raised their target price on Revolution Medicines from $250.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, November 5th. Piper Sandler raised their target price on Revolution Medicines from $210.00 to $222.00 and gave the company an "overweight" rating in a report on Thursday, November 5th. Royal Bank Of Canada lifted their target price on Revolution Medicines from $260.00 to $321.00 and gave the company an "outperform" rating in a research report on Thursday, November 5th. Finally, William Blair initiated coverage on shares of Revolution Medicines in a research note on Friday, October 16th. They set an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $263.15.

Revolution Medicines Company Profile

Revolution Medicines, Inc. is a biotechnology company focused on developing targeted therapies for patients with RAS-driven cancers. Founded in 2014 and headquartered in Redwood City, California, the company's research centers on RAS proteins, which can contribute to the growth of many cancers. The company's pipeline includes drug candidates designed to inhibit mutant RAS proteins, including daraxonrasib (RMC-6236), which targets multiple RAS variants, and candidates directed at specific KRAS mutations.

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