Fred Alger Management LLC Makes New $845,000 Investment in Revolution Medicines, Inc. (NASDAQ:RVMD)

Fred Alger Management LLC bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 21,764 shares of the company’s stock, valued at approximately $845,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Logos Global Management LP purchased a new stake in Revolution Medicines in the second quarter worth $46,572,000. Farallon Capital Management LLC increased its stake in Revolution Medicines by 30.0% in 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. Xponance Inc. increased its stake in Revolution Medicines by 13.9% in the second quarter. Xponance Inc. now owns 9,651 shares of the company’s stock worth $375,000 after purchasing an additional 1,175 shares during the period. Hood River Capital Management LLC purchased a new stake in Revolution Medicines in the second quarter worth $35,472,000. Finally, HighVista Strategies LLC increased its stake in Revolution Medicines by 179.8% in the second quarter. HighVista Strategies LLC now owns 40,083 shares of the company’s stock worth $1,556,000 after purchasing an additional 25,758 shares during the period. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

Shares of NASDAQ RVMD opened at $44.17 on Friday. The company has a market cap of $7.38 billion, a PE ratio of -11.78 and a beta of 1.43. The business has a 50-day simple moving average of $43.75 and a two-hundred day simple moving average of $39.55. Revolution Medicines, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $48.61.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.81 million. The business’s quarterly revenue was down 73.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.92) earnings per share. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -3.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RVMD shares. Wedbush reiterated an “outperform” rating and issued a $59.00 target price on shares of Revolution Medicines in a research note on Thursday, August 8th. HC Wainwright restated a “buy” rating and set a $56.00 price target on shares of Revolution Medicines in a research note on Monday, August 12th. JPMorgan Chase & Co. cut their price target on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Barclays raised their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Oppenheimer raised their price objective on Revolution Medicines from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of “Buy” and an average target price of $54.00.

Insider Transactions at Revolution Medicines

In other news, Director Sushil Patel sold 2,155 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $44.00, for a total value of $94,820.00. Following the completion of the transaction, the director now directly owns 19,948 shares in the company, valued at $877,712. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, General Counsel Jeff Cislini sold 2,399 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $40.83, for a total value of $97,951.17. Following the completion of the transaction, the general counsel now directly owns 47,088 shares in the company, valued at $1,922,603.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sushil Patel sold 2,155 shares of Revolution Medicines stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $44.00, for a total value of $94,820.00. Following the transaction, the director now owns 19,948 shares of the company’s stock, valued at $877,712. The disclosure for this sale can be found here. Insiders sold a total of 56,221 shares of company stock worth $2,552,337 over the last three months. 8.00% of the stock is currently owned by insiders.

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.