Fred Alger Management LLC Sells 392,547 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Fred Alger Management LLC cut its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 72.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 148,126 shares of the company's stock after selling 392,547 shares during the quarter. Fred Alger Management LLC owned 0.09% of Revolution Medicines worth $6,479,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Boxer Capital Management LLC bought a new position in Revolution Medicines in the fourth quarter valued at approximately $187,184,000. Vanguard Group Inc. boosted its stake in shares of Revolution Medicines by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 17,096,455 shares of the company's stock worth $747,799,000 after acquiring an additional 2,185,082 shares during the period. Norges Bank bought a new position in shares of Revolution Medicines during the 4th quarter worth approximately $76,197,000. FMR LLC boosted its stake in shares of Revolution Medicines by 14.7% during the 4th quarter. FMR LLC now owns 6,742,083 shares of the company's stock worth $294,899,000 after acquiring an additional 866,190 shares during the period. Finally, BVF Inc. IL boosted its stake in shares of Revolution Medicines by 20.2% during the 4th quarter. BVF Inc. IL now owns 4,181,179 shares of the company's stock worth $182,885,000 after acquiring an additional 702,567 shares during the period. 94.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RVMD has been the subject of several research analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $57.00 target price on shares of Revolution Medicines in a research note on Thursday. Wedbush reiterated an "outperform" rating and set a $67.00 target price on shares of Revolution Medicines in a research note on Thursday. Guggenheim reduced their target price on Revolution Medicines from $87.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday. HC Wainwright lifted their target price on Revolution Medicines from $72.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, March 3rd. Finally, Stifel Nicolaus dropped their price target on Revolution Medicines from $78.00 to $64.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $67.17.

Insider Activity

In other news, COO Margaret A. Horn sold 3,058 shares of Revolution Medicines stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $119,384.32. Following the transaction, the chief operating officer now owns 153,533 shares in the company, valued at approximately $5,993,928.32. This trade represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jack Anders sold 1,864 shares of the business'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 $72,770.56. Following the sale, the chief financial officer now owns 115,006 shares in the company, valued at $4,489,834.24. This represents a 1.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,660 shares of company stock worth $650,406. Insiders own 8.00% of the company's stock.

Revolution Medicines Price Performance

Revolution Medicines stock traded up $1.46 during mid-day trading on Monday, reaching $41.88. 1,759,698 shares of the company were exchanged, compared to its average volume of 1,492,434. The company has a fifty day simple moving average of $37.40 and a 200-day simple moving average of $43.36. Revolution Medicines, Inc. has a 12 month low of $29.17 and a 12 month high of $62.40. The firm has a market cap of $7.80 billion, a PE ratio of -11.67 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.01). During the same period in the previous year, the company posted ($0.70) earnings per share. Sell-side analysts anticipate that Revolution Medicines, Inc. will post -3.49 earnings per share for the current year.

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.