Revolution Medicines (NASDAQ:RVMD) Trading Down 4% - Here's Why

Shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) fell 4% on Tuesday . The stock traded as low as $38.26 and last traded at $38.19. 224,797 shares were traded during mid-day trading, a decline of 85% from the average session volume of 1,489,582 shares. The stock had previously closed at $39.77.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RVMD. Needham & Company LLC reaffirmed a "buy" rating and issued a $57.00 price target on shares of Revolution Medicines in a research note on Thursday, May 8th. Stifel Nicolaus reduced their price target on Revolution Medicines from $78.00 to $64.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Guggenheim reduced their price target on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wedbush reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Revolution Medicines in a research note on Thursday, May 8th. Finally, Oppenheimer upped their price target on Revolution Medicines from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $67.08.

Revolution Medicines Stock Up 2.3%

The company has a fifty day simple moving average of $37.56 and a 200 day simple moving average of $41.94. The firm has a market capitalization of $7.45 billion, a P/E ratio of -11.14 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same quarter in the previous year, the company earned ($0.70) earnings per share. As a group, equities analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, CFO Jack Anders sold 1,864 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.04, for a total transaction of $72,770.56. Following the transaction, the chief financial officer now owns 115,006 shares in the company, valued at approximately $4,489,834.24. This represents a 1.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Margaret A. Horn sold 3,058 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.04, for a total transaction of $119,384.32. Following the transaction, the chief operating officer now owns 153,533 shares in the company, valued at $5,993,928.32. This represents a 1.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,660 shares of company stock worth $650,406. Company insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Revolution Medicines

Institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of Revolution Medicines by 187.1% in the 3rd quarter. Barclays PLC now owns 294,664 shares of the company's stock worth $13,362,000 after purchasing an additional 192,021 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Revolution Medicines by 92.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 61,980 shares of the company's stock worth $2,711,000 after purchasing an additional 29,853 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Revolution Medicines by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,931,114 shares of the company's stock worth $84,467,000 after purchasing an additional 167,997 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Revolution Medicines by 11.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,243 shares of the company's stock worth $186,000 after purchasing an additional 434 shares during the period. Finally, WCM Investment Management LLC bought a new position in shares of Revolution Medicines in the 4th quarter worth approximately $6,798,000. Institutional investors own 94.34% of the company's stock.

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.