Fred Alger Management LLC Raises Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Fred Alger Management LLC lifted its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 2,384.3% during the 3rd quarter, Holdings Channel reports. The fund owned 540,673 shares of the company’s stock after buying an additional 518,909 shares during the quarter. Fred Alger Management LLC’s holdings in Revolution Medicines were worth $24,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Farallon Capital Management LLC raised its stake in Revolution Medicines by 30.0% during the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after purchasing an additional 2,249,820 shares during the period. Logos Global Management LP purchased a new stake in shares of Revolution Medicines during the 2nd quarter valued at approximately $46,572,000. Hood River Capital Management LLC acquired a new position in Revolution Medicines in the second quarter valued at approximately $35,472,000. Charles Schwab Investment Management Inc. lifted its holdings in Revolution Medicines by 58.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock valued at $79,957,000 after acquiring an additional 653,433 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in Revolution Medicines in the second quarter worth approximately $20,154,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RVMD shares. Oppenheimer upped their price target on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Piper Sandler upped their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. HC Wainwright increased their target price on shares of Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Wedbush reissued an “outperform” rating and issued a $59.00 price target on shares of Revolution Medicines in a research note on Thursday, August 8th. Finally, Needham & Company LLC increased their price objective on shares of Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $61.00.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, COO Margaret A. Horn sold 50,000 shares of Revolution Medicines stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the transaction, the chief operating officer now owns 132,320 shares of the company’s stock, valued at $6,660,988.80. The trade was a 27.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Stephen Michael Kelsey sold 16,666 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $49.49, for a total value of $824,800.34. Following the completion of the sale, the insider now owns 264,408 shares of the company’s stock, valued at approximately $13,085,551.92. This represents a 5.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 in the last quarter. Corporate insiders own 8.00% of the company’s stock.

Revolution Medicines Stock Down 1.2 %

Shares of RVMD opened at $57.85 on Friday. The company has a market cap of $9.73 billion, a P/E ratio of -16.11 and a beta of 1.40. Revolution Medicines, Inc. has a fifty-two week low of $22.77 and a fifty-two week high of $62.40. The firm’s 50 day moving average price is $51.89 and its 200 day moving average price is $45.25.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period last year, the firm earned ($0.99) earnings per share. Research analysts forecast that Revolution Medicines, Inc. will post -3.51 earnings per share 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.