Revolution Medicines, Inc. $RVMD Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 32.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,775 shares of the company’s stock after selling 3,291 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Revolution Medicines were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RVMD. Norges Bank bought a new stake in Revolution Medicines during the fourth quarter valued at $195,568,000. Avoro Capital Advisors LLC bought a new position in shares of Revolution Medicines in the 4th quarter worth about $172,840,000. UBS Group AG boosted its holdings in shares of Revolution Medicines by 183.6% in the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock valued at $245,954,000 after buying an additional 1,998,972 shares during the period. Polar Capital Holdings Plc boosted its holdings in shares of Revolution Medicines by 321.2% in the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after buying an additional 1,535,686 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its position in shares of Revolution Medicines by 197.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,205,555 shares of the company’s stock valued at $175,672,000 after buying an additional 1,463,155 shares during the last quarter. Institutional investors and hedge funds own 94.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RVMD shares. Truist Financial increased their price objective on shares of Revolution Medicines from $179.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada lifted their target price on Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Guggenheim upped their target price on Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Needham & Company LLC increased their price target on Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.67.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $187.53 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $194.56. The company has a 50-day simple moving average of $172.57 and a 200-day simple moving average of $134.97. The firm has a market capitalization of $39.87 billion, a P/E ratio of -26.52 and a beta of 1.37.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the previous year, the company posted ($1.13) EPS. As a group, equities analysts expect that Revolution Medicines, Inc. will post -7.92 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Margaret A. Horn sold 29,600 shares of Revolution Medicines stock in a transaction that occurred on Wednesday, June 17th. The stock was 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 of the company’s stock, valued at approximately $24,762,077.64. The trade was a 16.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $1,564,322.40. Following the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. This represents a 3.61% decrease in their ownership of the stock. 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. Insiders have sold 132,497 shares of company stock valued at $21,470,486 in the last ninety days. Insiders own 7.60% of the company’s stock.

About Revolution Medicines

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.