Sterling Capital Management LLC Sells 9,926 Shares of Revolution Medicines, Inc. $RVMD

Key Points

• Sterling Capital Management cut its stake in Revolution Medicines by 46.7% in the first quarter, selling 9,926 shares and leaving it with 11,343 shares worth about $1.1 million.
• Institutional ownership remains very high at 94.34%, with firms like Vanguard, Farallon, and Janus Henderson holding large positions in the biotech company.
• RVMD shares are volatile but near highs, recently trading around $187.28 with a 12-month range of $34.00 to $193.10; the company also reported a wider-than-expected quarterly loss of $2.29 per share.

Sterling Capital Management LLC trimmed its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 46.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,343 shares of the company's stock after selling 9,926 shares during the quarter. Sterling Capital Management LLC's holdings in Revolution Medicines were worth $1,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Revolution Medicines by 6.7% during the 4th quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company's stock worth $1,331,739,000 after purchasing an additional 1,056,792 shares in the last quarter. Farallon Capital Management LLC grew its stake in shares of Revolution Medicines by 2.1% in the 3rd quarter. Farallon Capital Management LLC now owns 14,625,692 shares of the company's stock valued at $683,020,000 after buying an additional 300,000 shares during the period. Janus Henderson Group PLC increased its position in Revolution Medicines by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 12,303,502 shares of the company's stock valued at $980,036,000 after buying an additional 947,448 shares in the last quarter. Baker BROS. Advisors LP increased its position in Revolution Medicines by 1.0% in the 3rd quarter. Baker BROS. Advisors LP now owns 9,455,357 shares of the company's stock valued at $441,565,000 after buying an additional 90,385 shares in the last quarter. Finally, Nextech Invest Ltd. raised its stake in Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company's stock worth $332,472,000 after buying an additional 1,304,347 shares during the period. 94.34% of the stock is owned by institutional investors.

Revolution Medicines Stock Down 2.8%

Shares of NASDAQ:RVMD opened at $187.28 on Wednesday. The business's 50 day moving average is $153.42 and its 200 day moving average is $118.52. Revolution Medicines, Inc. has a 12-month low of $34.00 and a 12-month high of $193.10. The stock has a market cap of $39.82 billion, a price-to-earnings ratio of -26.49 and a beta of 1.40. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last released its quarterly earnings results 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 quarter last year, the firm earned ($1.13) earnings per share. On average, sell-side analysts forecast that Revolution Medicines, Inc. will post -7.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RVMD has been the topic of several recent research reports. Piper Sandler increased their price target on Revolution Medicines to $172.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. HC Wainwright upped their target price on Revolution Medicines from $169.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Wedbush reaffirmed an "outperform" rating on shares of Revolution Medicines in a research report on Monday, June 1st. Royal Bank Of Canada increased their target price on Revolution Medicines from $165.00 to $182.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Finally, Sanford C. Bernstein started coverage on shares of Revolution Medicines in a report on Thursday, May 21st. They set a "market perform" rating and a $151.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $134.50.

Insider Activity

In related news, insider Mark A. Goldsmith sold 10,020 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 267,330 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jack Anders sold 20,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the transaction, the chief financial officer owned 123,269 shares in the company, valued at approximately $20,749,870.77. This trade represents a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 246,917 shares of company stock worth $38,432,302. 7.60% of the stock is owned by insiders.

Revolution Medicines Company 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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