Eventide Asset Management LLC Sells 127,775 Shares of Revolution Medicines, Inc. (NASDAQ:RVMD)

Eventide Asset Management LLC reduced its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 19.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 523,051 shares of the company’s stock after selling 127,775 shares during the period. Eventide Asset Management LLC owned approximately 0.31% of Revolution Medicines worth $23,720,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Farallon Capital Management LLC increased its position in Revolution Medicines by 30.0% in the 2nd quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after buying an additional 2,249,820 shares during the period. FMR LLC increased its position in Revolution Medicines by 4.4% in the 3rd quarter. FMR LLC now owns 5,875,893 shares of the company’s stock worth $266,472,000 after buying an additional 250,037 shares during the period. Charles Schwab Investment Management Inc. increased its position in Revolution Medicines by 58.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company’s stock worth $79,957,000 after buying an additional 653,433 shares during the period. Logos Global Management LP bought a new position in Revolution Medicines in the 2nd quarter worth approximately $46,572,000. Finally, Hood River Capital Management LLC bought a new position in Revolution Medicines in the 2nd quarter worth approximately $35,472,000. 94.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Stephen Michael Kelsey sold 16,666 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was 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 in the company, valued at approximately $13,085,551.92. This represents a 5.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Margaret A. Horn sold 50,000 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.34, for a total value of $2,517,000.00. Following the completion of the transaction, the chief operating officer now directly owns 132,320 shares in the company, valued at $6,660,988.80. The trade was a 27.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 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.

Revolution Medicines Stock Performance

Shares of RVMD stock opened at $58.58 on Friday. The stock’s fifty day moving average is $51.64 and its 200-day moving average is $45.11. Revolution Medicines, Inc. has a 52 week low of $21.18 and a 52 week high of $62.40.

Revolution Medicines (NASDAQ:RVMD) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.05). During the same period in the previous year, the business posted ($0.99) earnings per share. As a group, analysts predict that Revolution Medicines, Inc. will post -3.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RVMD shares. Needham & Company LLC lifted their price objective on Revolution Medicines from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Oppenheimer lifted their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Piper Sandler lifted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Barclays lifted their price objective on Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, HC Wainwright lifted their price objective on Revolution Medicines from $62.00 to $64.00 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average 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.