Revolution Medicines (NASDAQ:RVMD) Stock Price Down 4.2% on Insider Selling

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) were down 4.2% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $38.37 and last traded at $38.53. Approximately 888,002 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 1,354,194 shares. The stock had previously closed at $40.20.

Specifically, General Counsel Jeff Cislini sold 1,252 shares of the firm's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.58, for a total value of $39,538.16. Following the completion of the sale, the general counsel now directly owns 55,874 shares in the company, valued at approximately $1,764,500.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Jeff Cislini sold 1,252 shares of the firm's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.58, for a total value of $39,538.16. Following the completion of the sale, the general counsel now directly owns 55,874 shares in the company, valued at approximately $1,764,500.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Margaret A. Horn sold 2,914 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $92,024.12. Following the completion of the transaction, the chief operating officer now directly owns 139,553 shares in the company, valued at $4,407,083.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,705 shares of company stock worth $1,031,049. Insiders own 8.50% of the company's stock.

Wall Street Analysts Forecast Growth

RVMD has been the topic of several recent research reports. Wedbush raised their target price on shares of Revolution Medicines from $41.00 to $42.00 and gave the stock an "outperform" rating in a report on Tuesday, February 27th. Raymond James raised shares of Revolution Medicines from an "outperform" rating to a "strong-buy" rating and raised their target price for the stock from $36.00 to $48.00 in a report on Wednesday, April 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $46.00 target price (up from $36.00) on shares of Revolution Medicines in a report on Monday, April 8th. Piper Sandler started coverage on shares of Revolution Medicines in a research report on Monday, March 11th. They set an "overweight" rating and a $43.00 price target on the stock. Finally, Oppenheimer increased their price target on shares of Revolution Medicines from $43.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, April 12th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.20.

Revolution Medicines Stock Down 2.9 %

The company has a 50 day simple moving average of $33.42 and a 200-day simple moving average of $28.37. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of -10.36 and a beta of 1.46.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The business had revenue of $0.74 million during the quarter, compared to analysts' expectations of $1.20 million. During the same quarter in the previous year, the business posted ($0.63) earnings per share. The business's revenue for the quarter was down 95.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Revolution Medicines, Inc. will post -3.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. lifted its stake in shares of Revolution Medicines by 101.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,802 shares of the company's stock valued at $78,000 after buying an additional 1,409 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in Revolution Medicines in the 4th quarter valued at $80,000. Allspring Global Investments Holdings LLC bought a new position in Revolution Medicines in the 1st quarter valued at $104,000. Fred Alger Management LLC bought a new stake in shares of Revolution Medicines during the 3rd quarter worth $126,000. Finally, Federated Hermes Inc. purchased a new position in Revolution Medicines in the third quarter valued at about $126,000. 94.34% of the stock is owned by institutional investors and hedge funds.

About Revolution Medicines

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.