Bank of America Corp DE Sells 27,075 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Bank of America Corp DE decreased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 6.3% during the fourth quarter, HoldingsChannel reports. The firm owned 401,043 shares of the company’s stock after selling 27,075 shares during the quarter. Bank of America Corp DE’s holdings in Revolution Medicines were worth $17,542,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IFP Advisors Inc bought a new position in shares of Revolution Medicines in the 4th quarter worth approximately $34,000. Sterling Capital Management LLC raised its holdings in Revolution Medicines by 588.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock worth $86,000 after purchasing an additional 1,672 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Revolution Medicines by 368.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock worth $90,000 after purchasing an additional 1,613 shares in the last quarter. Kapitalo Investimentos Ltda purchased a new position in Revolution Medicines during the fourth quarter valued at $104,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Revolution Medicines by 521.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company’s stock valued at $165,000 after buying an additional 3,178 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insider Buying and Selling

In other news, COO Margaret A. Horn sold 3,058 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total transaction of $119,384.32. Following the completion of the sale, the chief operating officer now owns 153,533 shares of the company’s stock, valued at $5,993,928.32. The trade was a 1.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark A. Goldsmith sold 11,738 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the transaction, the insider now directly owns 441,564 shares in the company, valued at approximately $17,238,658.56. This represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,660 shares of company stock worth $650,406. 8.20% of the stock is owned by insiders.

Revolution Medicines Price Performance

Revolution Medicines stock opened at $40.47 on Wednesday. Revolution Medicines, Inc. has a one year low of $29.17 and a one year high of $62.40. The business’s fifty day moving average is $37.53 and its 200 day moving average is $42.93. The stock has a market capitalization of $7.54 billion, a PE ratio of -11.27 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD) 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 firm earned ($0.70) EPS. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RVMD has been the subject of several research reports. Wedbush reiterated an “outperform” rating and issued a $67.00 price target on shares of Revolution Medicines in a research note on Thursday, May 8th. HC Wainwright reiterated a “buy” rating and set a $72.00 target price (down from $73.00) on shares of Revolution Medicines in a report on Wednesday, May 14th. Guggenheim dropped their price target on Revolution Medicines from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Oppenheimer raised their price objective on Revolution Medicines from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of Revolution Medicines in a research note on Thursday, May 8th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $67.08.

Revolution Medicines Profile

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.