Eventide Asset Management LLC Reduces Stake in Revolution Medicines, Inc. $RVMD

Eventide Asset Management LLC reduced its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 36.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 378,261 shares of the company’s stock after selling 216,777 shares during the period. Eventide Asset Management LLC’s holdings in Revolution Medicines were worth $30,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Indiana Trust & Investment Management Co purchased a new position in shares of Revolution Medicines in the 4th quarter worth $32,000. Global Retirement Partners LLC boosted its stake in shares of Revolution Medicines by 1,002.8% in the 4th quarter. Global Retirement Partners LLC now owns 397 shares of the company’s stock worth $32,000 after buying an additional 361 shares during the last quarter. Torren Management LLC purchased a new position in shares of Revolution Medicines in the 4th quarter worth $33,000. Arax Advisory Partners purchased a new position in shares of Revolution Medicines in the 4th quarter worth $38,000. Finally, Darwin Wealth Management LLC purchased a new position in shares of Revolution Medicines in the 4th quarter worth $40,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Revolution Medicines Price Performance

Shares of Revolution Medicines stock opened at $153.87 on Friday. Revolution Medicines, Inc. has a one year low of $34.00 and a one year high of $166.50. The stock’s fifty day moving average is $140.76 and its 200 day moving average is $110.42. The stock has a market cap of $32.71 billion, a P/E ratio of -21.76 and a beta of 1.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($2.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same quarter last year, the company earned ($1.13) earnings per share. Sell-side analysts anticipate that Revolution Medicines, Inc. will post -7.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of recent research reports. Wedbush reaffirmed an “outperform” rating on shares of Revolution Medicines in a report on Monday, June 1st. Guggenheim raised their target price on Revolution Medicines to $205.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Benchmark reaffirmed an “overweight” rating on shares of Revolution Medicines in a report on Tuesday, February 17th. UBS Group initiated coverage on Revolution Medicines in a report on Friday, February 27th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group initiated coverage on Revolution Medicines in a report on Monday, March 16th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $123.72.

Insider Buying and Selling at Revolution Medicines

In other Revolution Medicines news, insider Xiaolin Wang sold 2,010 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $99.48, for a total transaction of $199,954.80. Following the sale, the insider directly owned 116,063 shares of the company’s stock, valued at $11,545,947.24. This trade represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jack Anders sold 2,753 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $99.48, for a total value of $273,868.44. Following the sale, the chief financial officer directly owned 125,512 shares in the company, valued at approximately $12,485,933.76. This represents a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 148,592 shares of company stock valued at $20,855,132. 7.60% of the stock is currently owned by corporate insiders.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.