Revolution Medicines, Inc. $RVMD Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC has reduced its stake in Revolution Medicines, Inc. by 20.7%, now holding 117,399 shares valued at approximately $4.15 million.
• Institutional investors collectively own 94.34% of Revolution Medicines, indicating strong institutional interest in the company.
• Wall Street analysts show optimism for Revolution Medicines, with an average rating of "Buy" and a target price of $72.00, despite the company recently reporting a loss of $1.31 EPS in its most recent quarter.

Fred Alger Management LLC cut its position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 20.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 117,399 shares of the company's stock after selling 30,727 shares during the period. Fred Alger Management LLC owned approximately 0.06% of Revolution Medicines worth $4,151,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RVMD. Banque Transatlantique SA purchased a new position in Revolution Medicines during the first quarter valued at approximately $42,000. Quarry LP acquired a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $50,000. Twin Tree Management LP acquired a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $58,000. GF Fund Management CO. LTD. acquired a new stake in shares of Revolution Medicines during the 4th quarter worth approximately $154,000. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Revolution Medicines during the 1st quarter worth approximately $127,000. 94.34% of the stock is owned by institutional investors and hedge funds.

Revolution Medicines Price Performance

RVMD traded up $0.31 during trading on Friday, hitting $46.55. The company's stock had a trading volume of 3,632,213 shares, compared to its average volume of 1,873,654. The company has a current ratio of 11.79, a quick ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines, Inc. has a twelve month low of $29.17 and a twelve month high of $62.40. The business's fifty day simple moving average is $37.94 and its 200 day simple moving average is $38.19. The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of -10.34 and a beta of 1.12.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.81) earnings per share. On average, equities research analysts forecast that Revolution Medicines, Inc. will post -3.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RVMD shares. Wedbush raised their price objective on shares of Revolution Medicines from $73.00 to $77.00 and gave the stock an "outperform" rating in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of Revolution Medicines from $67.00 to $70.00 and gave the stock an "overweight" rating in a research note on Thursday. Piper Sandler started coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "overweight" rating and a $75.00 price objective on the stock. Lifesci Capital started coverage on shares of Revolution Medicines in a research note on Monday, August 18th. They set an "outperform" rating and a $80.00 price objective on the stock. Finally, Needham & Company LLC raised their price objective on Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $73.67.

Insider Activity

In other news, CFO Jack Anders sold 5,238 shares of Revolution Medicines stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total value of $210,410.46. Following the sale, the chief financial officer directly owned 113,314 shares of the company's stock, valued at $4,551,823.38. The trade was a 4.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Revolution Medicines Company 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.