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 lessened its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 20.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 117,399 shares of the company's stock after selling 30,727 shares during the quarter. Fred Alger Management LLC owned about 0.06% of Revolution Medicines worth $4,151,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RVMD. Banque Transatlantique SA purchased a new position in Revolution Medicines during the 1st quarter worth approximately $42,000. Quarry LP purchased a new position in shares of Revolution Medicines in the 1st quarter valued at approximately $50,000. Twin Tree Management LP purchased a new position in shares of Revolution Medicines in the 1st quarter valued at approximately $58,000. Goodman Advisory Group LLC purchased a new position in shares of Revolution Medicines in the 1st quarter valued at approximately $127,000. Finally, GF Fund Management CO. LTD. grew its stake in shares of Revolution Medicines by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 4,307 shares of the company's stock valued at $152,000 after purchasing an additional 775 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Wall Street Analyst Weigh In

RVMD has been the topic of several analyst reports. Piper Sandler initiated coverage on Revolution Medicines in a research note on Monday, August 18th. They issued an "overweight" rating and a $75.00 target price on the stock. Wedbush lifted their target price on Revolution Medicines from $73.00 to $77.00 and gave the company an "outperform" rating in a research note on Thursday. Needham & Company LLC lifted their target price on Revolution Medicines from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday. Raymond James Financial initiated coverage on Revolution Medicines in a research note on Friday. They issued a "strong-buy" rating and a $72.00 target price on the stock. Finally, Guggenheim reiterated a "buy" rating and issued a $80.00 target price on shares of Revolution Medicines in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $73.67.

Insider Transactions at Revolution Medicines

In related news, CFO Jack Anders sold 5,238 shares of Revolution Medicines stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $40.17, for a total transaction of $210,410.46. Following the completion of the transaction, the chief financial officer directly owned 113,314 shares of the company's stock, valued at approximately $4,551,823.38. The trade was a 4.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 8.20% of the company's stock.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock traded down $0.63 during trading on Monday, reaching $45.92. The company's stock had a trading volume of 394,449 shares, compared to its average volume of 1,886,173. The company has a quick ratio of 11.79, a current ratio of 11.79 and a debt-to-equity ratio of 0.13. Revolution Medicines, Inc. has a 12-month low of $29.17 and a 12-month high of $62.40. The company has a market capitalization of $8.58 billion, a P/E ratio of -10.20 and a beta of 1.12. The business has a 50 day moving average price of $37.94 and a 200-day moving average price of $38.17.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.94) by ($0.37). Revolution Medicines's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.81) earnings per share. As a group, sell-side analysts anticipate that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

About Revolution Medicines

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.