ProShare Advisors LLC trimmed its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD – Get Rating) by 19.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,817 shares of the company's stock after selling 4,535 shares during the period. ProShare Advisors LLC's holdings in Revolution Medicines were worth $480,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of RVMD. Virtus ETF Advisers LLC raised its position in shares of Revolution Medicines by 9.7% during the 4th quarter. Virtus ETF Advisers LLC now owns 6,746 shares of the company's stock valued at $170,000 after purchasing an additional 596 shares during the period. SG Americas Securities LLC increased its holdings in Revolution Medicines by 48.0% in the 1st quarter. SG Americas Securities LLC now owns 6,942 shares of the company's stock valued at $177,000 after acquiring an additional 2,251 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Revolution Medicines by 24.3% in the 4th quarter. Teacher Retirement System of Texas now owns 9,392 shares of the company's stock valued at $236,000 after acquiring an additional 1,835 shares during the last quarter. Ensign Peak Advisors Inc bought a new stake in Revolution Medicines in the 4th quarter valued at $281,000. Finally, Virginia Retirement Systems ET AL bought a new stake in Revolution Medicines in the 1st quarter valued at $337,000. 86.70% of the stock is currently owned by institutional investors.
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Analyst Upgrades and Downgrades
A number of brokerages have issued reports on RVMD. HC Wainwright reduced their price target on shares of Revolution Medicines from $40.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, August 17th. SVB Leerink reduced their price target on shares of Revolution Medicines from $31.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, August 10th. Finally, Bank of America initiated coverage on shares of Revolution Medicines in a report on Friday, May 20th. They issued a "neutral" rating and a $24.00 target price on the stock.
Revolution Medicines Stock Up 3.7 %
Revolution Medicines stock opened at $21.61 on Friday. The company's 50-day moving average price is $22.36 and its 200-day moving average price is $20.83. Revolution Medicines, Inc. has a twelve month low of $14.08 and a twelve month high of $34.16. The company has a market cap of $1.90 billion, a PE ratio of -6.87 and a beta of 1.69.
Revolution Medicines (NASDAQ:RVMD – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.82) EPS for the quarter, topping analysts' consensus estimates of ($0.87) by $0.05. Revolution Medicines had a negative net margin of 823.65% and a negative return on equity of 39.20%. The firm had revenue of $9.12 million during the quarter, compared to analysts' expectations of $8.75 million. As a group, sell-side analysts expect that Revolution Medicines, Inc. will post -3.33 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Lorence H. Kim purchased 50,000 shares of the company's stock in a transaction that occurred on Friday, July 22nd. The stock was purchased at an average cost of $20.00 per share, with a total value of $1,000,000.00. Following the purchase, the director now owns 60,500 shares in the company, valued at $1,210,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lorence H. Kim acquired 50,000 shares of the stock in a transaction on Friday, July 22nd. The stock was bought at an average cost of $20.00 per share, with a total value of $1,000,000.00. Following the transaction, the director now directly owns 60,500 shares in the company, valued at $1,210,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Rock Ventures Iii L.P. Third sold 419,901 shares of the business's stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $20.25, for a total transaction of $8,502,995.25. Following the completion of the sale, the insider now directly owns 5,104,130 shares of the company's stock, valued at $103,358,632.50. The disclosure for this sale can be found here. 18.80% of the stock is owned by corporate insiders.
Revolution Medicines Profile
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Revolution Medicines, Inc, a clinical-stage precision oncology company, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers. The company is developing RMC-4630, an inhibitor of SHP2, which is in Phase 1/2 clinical trial for the treatment of solid tumors, such as gynecologic and colorectal cancer tumors.
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