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

Fred Alger Management LLC reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 72.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 148,126 shares of the company’s stock after selling 392,547 shares during the period. Fred Alger Management LLC owned 0.09% of Revolution Medicines worth $6,479,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RVMD. IFP Advisors Inc acquired a new position in shares of Revolution Medicines during the 4th quarter worth about $34,000. Sterling Capital Management LLC raised its stake in Revolution Medicines by 588.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,956 shares of the company’s stock valued at $86,000 after buying an additional 1,672 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Revolution Medicines by 368.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company’s stock valued at $90,000 after buying an additional 1,613 shares during the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Revolution Medicines during the 4th quarter worth approximately $104,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Revolution Medicines by 521.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company’s stock worth $165,000 after acquiring an additional 3,178 shares during the last quarter. 94.34% of the stock is owned by institutional investors.

Insider Activity

In other Revolution Medicines news, insider Mark A. Goldsmith sold 11,738 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $458,251.52. Following the sale, the insider now owns 441,564 shares in the company, valued at $17,238,658.56. This trade represents a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Margaret A. Horn sold 3,058 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $119,384.32. Following the transaction, the chief operating officer now owns 153,533 shares of the company’s stock, valued at $5,993,928.32. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,660 shares of company stock worth $650,406. Corporate insiders own 8.00% of the company’s stock.

Revolution Medicines Price Performance

Shares of RVMD opened at $40.58 on Friday. The firm has a 50 day simple moving average of $37.36 and a two-hundred day simple moving average of $43.45. Revolution Medicines, Inc. has a one year low of $29.17 and a one year high of $62.40. The company has a market cap of $7.56 billion, a P/E ratio of -11.30 and a beta of 1.11.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results 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 prior year, the business earned ($0.70) earnings per share. On average, analysts expect that Revolution Medicines, Inc. will post -3.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RVMD shares. Guggenheim decreased their price objective on shares of Revolution Medicines from $87.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday. Wedbush reissued an “outperform” rating and issued a $67.00 price target on shares of Revolution Medicines in a report on Thursday. Stifel Nicolaus decreased their target price on Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Needham & Company LLC restated a “buy” rating and issued a $57.00 price target on shares of Revolution Medicines in a research note on Thursday. Finally, Oppenheimer boosted their target price on shares of Revolution Medicines from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $67.17.

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.