Seven Eight Capital LP Makes New $2.21 Million Investment in Revolution Medicines, Inc. (NASDAQ:RVMD)

Seven Eight Capital LP purchased a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 68,494 shares of the company’s stock, valued at approximately $2,208,000.

Several other hedge funds also recently modified their holdings of the company. Headlands Technologies LLC boosted its stake in shares of Revolution Medicines by 140.9% during the 1st quarter. Headlands Technologies LLC now owns 1,513 shares of the company’s stock worth $49,000 after purchasing an additional 885 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Revolution Medicines by 10.6% in the fourth quarter. Teacher Retirement System of Texas now owns 23,375 shares of the company’s stock worth $670,000 after acquiring an additional 2,238 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Revolution Medicines by 6.8% in the first quarter. ProShare Advisors LLC now owns 36,605 shares of the company’s stock worth $1,180,000 after acquiring an additional 2,331 shares during the last quarter. Manchester Capital Management LLC acquired a new stake in shares of Revolution Medicines in the fourth quarter worth approximately $80,000. Finally, Amalgamated Bank boosted its position in shares of Revolution Medicines by 18.7% in the fourth quarter. Amalgamated Bank now owns 18,495 shares of the company’s stock worth $530,000 after acquiring an additional 2,908 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RVMD shares. Bank of America raised their target price on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Barclays raised their target price on shares of Revolution Medicines from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Jefferies Financial Group started coverage on shares of Revolution Medicines in a research report on Monday, July 8th. They issued a “buy” rating and a $63.00 target price on the stock. HC Wainwright raised their target price on shares of Revolution Medicines from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Finally, Raymond James raised shares of Revolution Medicines from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $36.00 to $48.00 in a research report on Wednesday, April 10th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $50.67.

Revolution Medicines Trading Down 2.4 %

Shares of RVMD traded down $1.17 during mid-day trading on Tuesday, reaching $46.77. 1,803,300 shares of the stock traded hands, compared to its average volume of 1,446,804. The stock has a fifty day simple moving average of $40.04 and a 200 day simple moving average of $34.69. Revolution Medicines, Inc. has a 12-month low of $15.44 and a 12-month high of $48.61.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.05. The firm’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.72) EPS. Analysts expect that Revolution Medicines, Inc. will post -3.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Mark A. Goldsmith sold 25,000 shares of Revolution Medicines stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the sale, the insider now owns 311,885 shares in the company, valued at $14,050,419.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Mark A. Goldsmith sold 25,000 shares of Revolution Medicines stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.05, for a total value of $1,126,250.00. Following the completion of the sale, the insider now owns 311,885 shares in the company, valued at $14,050,419.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total transaction of $94,820.00. Following the completion of the sale, the director now owns 19,948 shares of the company’s stock, valued at approximately $877,712. The disclosure for this sale can be found here. Insiders have sold 58,421 shares of company stock worth $2,578,577 over the last 90 days. Company insiders own 8.00% of the company’s stock.

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.