Pictet Asset Management Holding SA Sells 579,561 Shares of Revolution Medicines, Inc. $RVMD

Pictet Asset Management Holding SA decreased its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 51.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 557,560 shares of the company’s stock after selling 579,561 shares during the period. Pictet Asset Management Holding SA’s holdings in Revolution Medicines were worth $53,592,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RVMD. Cannon Global Investment Management LLC purchased a new stake in Revolution Medicines during the 1st quarter valued at $827,000. Aaron Wealth Advisors LLC purchased a new position in shares of Revolution Medicines in the first quarter valued at about $236,000. Ritholtz Wealth Management purchased a new position in shares of Revolution Medicines in the first quarter valued at about $362,000. OP Asset Management Ltd bought a new position in shares of Revolution Medicines during the first quarter valued at about $3,271,000. Finally, PKO Investment Management Joint Stock Co bought a new position in shares of Revolution Medicines during the first quarter valued at about $146,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Trading Up 5.8%

NASDAQ:RVMD opened at $192.62 on Tuesday. The company has a 50-day moving average price of $152.64 and a 200-day moving average price of $117.75. Revolution Medicines, Inc. has a 12 month low of $34.00 and a 12 month high of $192.80. The company has a current ratio of 6.80, a quick ratio of 6.80 and a debt-to-equity ratio of 0.19. The stock has a market cap of $40.95 billion, a price-to-earnings ratio of -27.24 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same quarter in the prior year, the firm posted ($1.13) EPS. Equities analysts predict that Revolution Medicines, Inc. will post -7.94 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RVMD. Needham & Company LLC increased their target price on shares of Revolution Medicines from $183.00 to $235.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Royal Bank Of Canada increased their price objective on Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Revolution Medicines in a research report on Tuesday, April 21st. Finally, Truist Financial began coverage on Revolution Medicines in a research report on Monday, May 18th. They issued a “buy” rating and a $179.00 price objective on the stock. Three 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $132.78.

Insider Activity at Revolution Medicines

In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,020 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the sale, the insider directly owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. The trade was a 3.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Margaret A. Horn sold 29,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $160.12, for a total value of $4,739,552.00. Following the transaction, the chief operating officer owned 154,647 shares in the company, valued at $24,762,077.64. This trade represents a 16.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 246,917 shares of company stock valued at $38,432,302. 7.60% of the stock is currently owned by corporate insiders.

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.