What Sent Revolution Medicines Stock Lower? Trefis Team Thu, November 12, 2026 at 10:45 AM EST 3 min read RVMD -1.76% ^GSPC +0.32% CRWV -4.16% AMGN +0.50% BMY +0.10% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
For questions about this article or underlying research, email help@trefis.com.
Revolution Medicines (RVMD) stock fell 6.4% on Wednesday, November 11, 2026, a session in which the S&P 500 rose 1.3%. Neither the earnings calendar nor S&P index releases showed anything for the company from November 8 to November 11, and 51 of the 81 other companies with a market cap of $2 billion or more in its sub-industry, biotechnology, rose that day. So what lifted the market that day, and what does Revolution Medicines actually sell?
What Lifted Stocks, And What Revolution Medicines Sells
Broad U.S. equities advanced on November 11 after an earnings update from CoreWeave eased concerns that artificial-intelligence profits would not arrive soon enough to cover infrastructure debt. That news was about a cloud provider, while Revolution Medicines sells something very different: one cancer drug.
The drug, Daraxonrasib, received FDA approval on August 26, 2026, for adults with metastatic pancreatic cancer who have had at least one prior systemic therapy or are not candidates for multi-agent systemic therapy. Over roughly five weeks on the market, it generated $198 million of net product revenue in the third quarter.
You should know how those first weeks were built, because management spelled it out on the November 4 call. Part of the demand came from patients moving off the company's expanded access program onto paid supply, and part came from patients who had run out of other options and were waiting for approval. Management called both groups finite and said it was too early to draw conclusions about the normalized trajectory of the launch. It named a third source too: newly eligible patients who started the drug after approval. Sales in the quarter also included initial stocking of inventory into the channel. Even with those sales, the company's operating loss was $373 million in the quarter, against $315 million a year earlier.
Did Other Biotech Stocks Fall With Revolution Medicines?
Some did: 30 of the 81 fell that day. The median company in its biotechnology sub-industry gained 0.6%, and only 6 of the 81 others fell 5% or more. The health care sector fund, XLV, was flat. On its Trefis peer list, four of five companies rose, Verastem by 4.1%, while Cardiff Oncology fell 3.7%. Revolution Medicines fell much further than most of its group, which mostly rose.
Where Does Revolution Medicines Stock Stand Now?
Steep declines are not unprecedented for the shares, which fell by at least this magnitude in 3 sessions over the prior 365 days. Volatility has also clustered recently. On November 5, the day after the third-quarter call, the stock dropped 11.0%, then rallied 8.2% in the following session.
Over twelve months, the stock is still up 188.1%, against 12.8% for the S&P 500. Its highest close of the past year was $221.15, on August 27, 2026, the day after approval. Over the three months since August 13, the shares have lost 10.5%.
At the November 11 close, the stock traded at 196.6 times its sales over the past twelve months, compared with 3.2 times for the S&P 500, and that twelve-month period includes only one quarter of drug sales. When Revolution Medicines next reports, the figure to watch will be Daraxonrasib's net product revenue for the fourth quarter of 2026, marking its first full quarter on sale.
Does This Mean You Should Act On RVMD?
Betting on a single stock is always risky, whichever way you lean. The Trefis High Quality (HQ) Portfolio holds 30 quality companies in equal weight and has returned 105% since its September 2020 launch.
Spot an error or want more like this? Tell us in 10 seconds.
