Short Interest in Revolution Medicines, Inc. (NASDAQ:RVMD) Declines By 26.8%

Revolution Medicines, Inc. (NASDAQ:RVMD - Get Free Report) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totalling 12,000,000 shares, a decline of 26.8% from the March 15th total of 16,400,000 shares. Based on an average daily volume of 1,350,000 shares, the days-to-cover ratio is currently 8.9 days.

Insider Buying and Selling

In related news, CFO Jack Anders sold 1,261 shares of the business's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $39,822.38. Following the completion of the sale, the chief financial officer now directly owns 101,959 shares in the company, valued at $3,219,865.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Jack Anders sold 1,261 shares of the business's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $39,822.38. Following the completion of the sale, the chief financial officer now directly owns 101,959 shares in the company, valued at $3,219,865.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Jeff Cislini sold 1,500 shares of the business's stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $27.00, for a total value of $40,500.00. Following the sale, the general counsel now owns 36,126 shares of the company's stock, valued at $975,402. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,705 shares of company stock worth $405,149. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Revolution Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of Revolution Medicines by 40.8% during the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company's stock worth $426,818,000 after acquiring an additional 4,309,611 shares in the last quarter. Vanguard Group Inc. increased its position in Revolution Medicines by 51.8% during the fourth quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company's stock worth $419,714,000 after buying an additional 4,990,800 shares during the period. BlackRock Inc. increased its position in Revolution Medicines by 10.6% during the second quarter. BlackRock Inc. now owns 8,257,616 shares of the company's stock worth $220,891,000 after buying an additional 791,842 shares during the period. Nextech Invest Ltd. increased its position in Revolution Medicines by 30.1% during the fourth quarter. Nextech Invest Ltd. now owns 6,296,740 shares of the company's stock worth $180,591,000 after buying an additional 1,457,211 shares during the period. Finally, BVF Inc. IL increased its position in Revolution Medicines by 50.2% during the fourth quarter. BVF Inc. IL now owns 5,981,212 shares of the company's stock worth $171,541,000 after buying an additional 2,000,000 shares during the period. Institutional investors and hedge funds own 94.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RVMD shares. Bank of America upgraded Revolution Medicines from a "neutral" rating to a "buy" rating and upped their target price for the company from $31.00 to $34.00 in a report on Friday, January 5th. Piper Sandler started coverage on Revolution Medicines in a report on Monday, March 11th. They issued an "overweight" rating and a $43.00 target price for the company. Oppenheimer upped their target price on Revolution Medicines from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Friday. Wedbush upped their price target on Revolution Medicines from $41.00 to $42.00 and gave the company an "outperform" rating in a research note on Tuesday, February 27th. Finally, Raymond James raised Revolution Medicines from an "outperform" rating to a "strong-buy" rating and upped their price target for the company from $36.00 to $48.00 in a research note on Wednesday. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Revolution Medicines presently has a consensus rating of "Buy" and an average target price of $41.20.

Revolution Medicines Trading Down 3.6 %

RVMD traded down $1.34 during mid-day trading on Friday, hitting $36.07. 1,634,579 shares of the stock were exchanged, compared to its average volume of 1,402,769. The firm's fifty day moving average is $30.98 and its two-hundred day moving average is $27.27. Revolution Medicines has a 1-year low of $15.44 and a 1-year high of $38.73. The company has a market cap of $5.94 billion, a PE ratio of -9.92 and a beta of 1.54.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.29). The company had revenue of $0.74 million during the quarter, compared to analysts' expectations of $1.20 million. The company's quarterly revenue was down 95.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.63) earnings per share. As a group, research analysts anticipate that Revolution Medicines will post -3.17 earnings per share for the current year.

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.