Fred Alger Management LLC Boosts Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Fred Alger Management LLC grew its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 2,384.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 540,673 shares of the company’s stock after purchasing an additional 518,909 shares during the period. Fred Alger Management LLC owned approximately 0.32% of Revolution Medicines worth $24,520,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of RVMD. CANADA LIFE ASSURANCE Co increased its holdings in Revolution Medicines by 74.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,646 shares of the company’s stock worth $504,000 after buying an additional 6,696 shares during the period. SG Americas Securities LLC raised its holdings in shares of Revolution Medicines by 17.5% during the second quarter. SG Americas Securities LLC now owns 10,730 shares of the company’s stock worth $416,000 after purchasing an additional 1,601 shares during the last quarter. Clear Harbor Asset Management LLC lifted its position in Revolution Medicines by 10.2% during the second quarter. Clear Harbor Asset Management LLC now owns 11,224 shares of the company’s stock valued at $436,000 after purchasing an additional 1,036 shares during the period. Raymond James & Associates boosted its holdings in Revolution Medicines by 196.4% in the second quarter. Raymond James & Associates now owns 74,370 shares of the company’s stock valued at $2,886,000 after purchasing an additional 49,275 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Revolution Medicines by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,378 shares of the company’s stock worth $131,000 after purchasing an additional 320 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Stock Down 1.2 %

Shares of NASDAQ RVMD opened at $57.85 on Friday. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of -16.11 and a beta of 1.40. The company’s 50-day simple moving average is $51.89 and its 200-day simple moving average is $45.25. Revolution Medicines, Inc. has a 52-week low of $22.77 and a 52-week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results 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 quarter in the previous year, the firm earned ($0.99) EPS. Equities research analysts anticipate that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Stephen Michael Kelsey sold 16,666 shares of the stock in a transaction dated 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 directly owns 264,408 shares in the company, valued at $13,085,551.92. This represents a 5.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Barbara Weber sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $48.02, for a total transaction of $249,704.00. Following the transaction, the director now owns 13,065 shares in the company, valued at $627,381.30. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,866 shares of company stock valued at $6,355,624 over the last ninety days. Insiders own 8.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RVMD shares. HC Wainwright boosted their price objective on Revolution Medicines from $62.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. boosted their price target on Revolution Medicines from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Revolution Medicines in a research note on Thursday, August 8th. Barclays lifted their target price on shares of Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Finally, Needham & Company LLC increased their price target on shares of Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $61.00.

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.