Sterling Capital Management LLC Sells 9,926 Shares of Revolution Medicines, Inc. $RVMD

Sterling Capital Management LLC cut its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 46.7% in the 1st quarter, HoldingsChannel reports. The firm owned 11,343 shares of the company’s stock after selling 9,926 shares during the quarter. Sterling Capital Management LLC’s holdings in Revolution Medicines were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Revolution Medicines by 6.7% during the fourth quarter. Vanguard Group Inc. now owns 16,719,886 shares of the company’s stock worth $1,331,739,000 after buying an additional 1,056,792 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Revolution Medicines by 194.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,289 shares of the company’s stock valued at $1,696,000 after acquiring an additional 14,062 shares during the last quarter. Mass General Brigham Inc purchased a new position in Revolution Medicines in the fourth quarter valued at about $27,407,000. Eagle Health Investments LP bought a new position in shares of Revolution Medicines during the 4th quarter valued at approximately $9,231,000. Finally, M&T Bank Corp bought a new position in shares of Revolution Medicines during the 4th quarter valued at approximately $52,723,000. 94.34% of the stock is currently owned by institutional investors.

Revolution Medicines Trading Down 2.8%

NASDAQ:RVMD opened at $187.28 on Wednesday. Revolution Medicines, Inc. has a 1 year low of $34.00 and a 1 year high of $193.10. The stock’s fifty day moving average price is $153.42 and its two-hundred day moving average price is $118.52. The company has a debt-to-equity ratio of 0.19, a current ratio of 6.80 and a quick ratio of 6.80. The company has a market cap of $39.82 billion, a P/E ratio of -26.49 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 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) earnings per share. As a group, analysts expect that Revolution Medicines, Inc. will post -7.94 EPS for the current year.

Wall Street Analysts Forecast Growth

RVMD has been the topic of a number of research reports. HC Wainwright lifted their price target on shares of Revolution Medicines from $169.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Royal Bank Of Canada increased their price objective on Revolution Medicines from $165.00 to $182.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Stifel Nicolaus reissued a “buy” rating on shares of Revolution Medicines in a research report on Monday, April 20th. Needham & Company LLC boosted their target price on Revolution Medicines from $183.00 to $235.00 and gave the company a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group began coverage on Revolution Medicines in a research report on Monday, March 16th. They set a “buy” rating on the stock. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $134.50.

Insider Buying and Selling

In other news, insider Mark A. Goldsmith sold 120,000 shares of the company’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total transaction of $18,010,800.00. Following the sale, the insider directly owned 276,698 shares in the company, valued at $41,529,602.82. This represents a 30.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Stephen Michael Kelsey sold 4,175 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total transaction of $651,801.00. Following the completion of the sale, the insider directly owned 291,876 shares in the company, valued at approximately $45,567,681.12. The trade was a 1.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 246,917 shares of company stock worth $38,432,302 in the last 90 days. 7.60% of the stock is owned by company 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.