Revolution Medicines (NASDAQ:RVMD) Shares Down 4.3% – Here’s What Happened

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price traded down 4.3% on Tuesday. The stock traded as low as $203.50 and last traded at $198.7030. Approximately 72,109 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 2,866,343 shares. The stock had previously closed at $207.68.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Evercore reiterated an “outperform” rating and set a $320.00 target price on shares of Revolution Medicines in a report on Thursday, August 27th. Bank of America increased their price objective on shares of Revolution Medicines from $225.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, September 21st. Morgan Stanley assumed coverage on shares of Revolution Medicines in a report on Thursday, September 10th. They set an “overweight” rating and a $255.00 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Revolution Medicines in a report on Thursday, September 24th. They issued a “buy” rating and a $267.00 price objective on the stock. Finally, Needham & Company LLC boosted their target price on shares of Revolution Medicines from $240.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.33.

Revolution Medicines Stock Down 3.4%

The firm has a 50 day moving average of $203.20 and a two-hundred day moving average of $167.91. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of -22.74 and a beta of 1.40. The company has a quick ratio of 11.38, a current ratio of 11.38 and a debt-to-equity ratio of 0.40.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, August 5th. The company reported ($3.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.04) by ($1.02). During the same quarter in the previous year, the business posted ($1.31) EPS. As a group, sell-side analysts anticipate that Revolution Medicines, Inc. will post -8.87 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In related news, insider Mark Goldsmith sold 80,000 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $209.20, for a total value of $16,736,000.00. Following the completion of the sale, the insider directly owned 267,330 shares in the company, valued at $55,925,436. This represents a 23.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen Kelsey sold 92,531 shares of Revolution Medicines stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $202.36, for a total value of $18,724,573.16. Following the completion of the transaction, the insider directly owned 291,876 shares in the company, valued at approximately $59,064,027.36. This represents a 24.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 290,991 shares of company stock worth $59,422,765. 7.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolution Medicines

Large investors have recently bought and sold shares of the stock. Burkett Financial Services LLC bought a new stake in Revolution Medicines in the 3rd quarter valued at about $27,000. QRG Capital Management Inc. raised its holdings in shares of Revolution Medicines by 31.6% in the second quarter. QRG Capital Management Inc. now owns 8,083 shares of the company’s stock valued at $1,514,000 after purchasing an additional 1,943 shares during the last quarter. Andra AP fonden lifted its position in shares of Revolution Medicines by 69.9% during the 2nd quarter. Andra AP fonden now owns 28,200 shares of the company’s stock worth $5,281,000 after buying an additional 11,600 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Revolution Medicines in the 2nd quarter valued at $626,000. Finally, MCF Advisors LLC purchased a new position in Revolution Medicines in the second quarter valued at about $78,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.

Revolution Medicines Company Profile

Revolution Medicines, Inc is a clinical-stage biotechnology company focused on developing targeted therapies for patients with cancer. The company’s research centers on the RAS signaling pathway, a key driver of tumor growth that is altered in many cancers, including those involving KRAS mutations.

Its pipeline includes RAS(ON) inhibitors designed to target active RAS proteins and address a range of RAS-driven tumors. Key development programs include daraxonrasib (RMC-6236), a broad-spectrum RAS inhibitor, and zoldonrasib (RMC-9805), an investigational inhibitor aimed at KRAS G12D-mutated cancers.