Stephen Michael Kelsey, President of Research and Development at Revolution Medicines, Inc. (NASDAQ:RVMD), reported selling shares worth $824,804 on October 14, according to a recent SEC filing. The transactions involved the sale of 16,666 common shares at prices ranging from $49.3812 to $50.0775. Following the sales, Kelsey holds 264,408 shares, including 86,400 restricted stock units. The sales were conducted as part of a 10b5-1 trading plan, which Kelsey adopted on March 15, 2024.
In other recent news, Revolution Medicines reported an earnings per share loss of $0.81, closely aligning with the consensus estimate of a $0.77 loss. The company now anticipates a net loss between $560 million and $600 million for the full year 2024, an increase from previous estimates due to the acceleration of the Phase 2 trial for pancreatic ductal adenocarcinoma (PDAC), commercial supply scaling, and the exploration of earlier lines of treatment for PDAC. In the same vein, Oppenheimer maintained its Outperform rating on Revolution, while Piper Sandler and Needham held their Overweight and Buy ratings respectively, with price targets at $57.00 and $61.00. These ratings were influenced by the promising results of Revolution's drug candidate, RMC-6236, in treating PDAC with G12X mutations. In addition, the company has made significant strides with its drug RMC-6236, showing promising results in treating PDAC. The upcoming investor event is expected to provide multiple updates, particularly highlighting data from studies on '6236 and '9805 monotherapy treatments. These are recent developments in Revolution Medicine's ongoing pursuit of effective treatments for challenging cancer types.
InvestingPro Insights
As Stephen Michael Kelsey, President of Research and Development at Revolution Medicines, Inc. (NASDAQ:RVMD), executes his 10b5-1 trading plan, investors might be curious about the company's financial health and market position. According to InvestingPro data, Revolution Medicines boasts a market capitalization of $8.44 billion, reflecting significant investor interest in the company's potential.
Despite the recent insider sale, RVMD's stock has shown impressive momentum, with a 35.14% price return over the past six months and a substantial 70.82% year-to-date return. This performance aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week high, suggesting strong market confidence in the company's prospects.
However, it's important to note that Revolution Medicines is not currently profitable, with a negative P/E ratio of -16.94 for the last twelve months as of Q2 2024. This is consistent with another InvestingPro Tip stating that analysts do not anticipate the company to be profitable this year. This is not uncommon for biotechnology companies in their growth phase, as they often prioritize research and development over immediate profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 6 more InvestingPro Tips available for RVMD, providing a deeper understanding of the company's financial position and market dynamics.
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