ProShare Advisors LLC Cuts Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

ProShare Advisors LLC decreased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 21.1% in the second quarter, Holdings Channel reports. The institutional investor owned 28,868 shares of the company’s stock after selling 7,737 shares during the quarter. ProShare Advisors LLC’s holdings in Revolution Medicines were worth $1,120,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Bellevue Group AG increased its holdings in shares of Revolution Medicines by 7.8% during the fourth quarter. Bellevue Group AG now owns 5,091,000 shares of the company’s stock valued at $146,010,000 after acquiring an additional 369,500 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Revolution Medicines in the 1st quarter worth about $6,656,000. Mass General Brigham Inc purchased a new stake in Revolution Medicines during the 1st quarter valued at about $10,900,000. Finepoint Capital LP increased its stake in Revolution Medicines by 44.5% during the 4th quarter. Finepoint Capital LP now owns 617,100 shares of the company’s stock valued at $17,698,000 after purchasing an additional 190,100 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Revolution Medicines by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company’s stock valued at $475,622,000 after purchasing an additional 122,721 shares in the last quarter. 94.34% of the stock is owned by institutional investors.

Insider Activity at Revolution Medicines

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

Revolution Medicines Price Performance

Shares of RVMD opened at $44.17 on Friday. The firm has a market capitalization of $7.38 billion, a P/E ratio of -11.78 and a beta of 1.43. Revolution Medicines, Inc. has a one year low of $15.44 and a one year high of $48.61. The business has a fifty day moving average of $43.75 and a 200 day moving average of $39.59.

Revolution Medicines (NASDAQ:RVMD) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. During the same period in the prior year, the company posted ($0.92) EPS. The firm’s revenue for the quarter was down 73.8% on a year-over-year basis. Analysts expect that Revolution Medicines, Inc. will post -3.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RVMD. Barclays upped their target price on shares of Revolution Medicines from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday. Jefferies Financial Group began coverage on Revolution Medicines in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $56.00 price target on shares of Revolution Medicines in a research note on Monday, August 12th. Wedbush reaffirmed an “outperform” rating and set a $59.00 price target on shares of Revolution Medicines in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Revolution Medicines from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $54.00.

Revolution Medicines Profile

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.