Granahan Investment Management LLC Decreases Stock Position in Revolution Medicines, Inc. $RVMD

Granahan Investment Management LLC lessened its holdings in Revolution Medicines, Inc. (NASDAQ:RVMD) by 57.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,573 shares of the company’s stock after selling 56,621 shares during the quarter. Granahan Investment Management LLC’s holdings in Revolution Medicines were worth $4,140,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RVMD. Kryger Capital LLC acquired a new stake in Revolution Medicines in the 1st quarter worth approximately $843,000. Renaissance Technologies LLC purchased a new stake in Revolution Medicines during the 1st quarter worth approximately $603,000. Gabelli Funds LLC acquired a new position in Revolution Medicines during the 1st quarter valued at approximately $1,532,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Revolution Medicines during the 1st quarter valued at approximately $1,303,000. Finally, PSquared Asset Management AG purchased a new position in shares of Revolution Medicines in the first quarter worth $13,449,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Price Performance

Shares of RVMD opened at $189.23 on Friday. The business’s 50-day moving average is $168.87 and its two-hundred day moving average is $131.73. The company has a market capitalization of $40.23 billion, a P/E ratio of -26.77 and a beta of 1.37. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $193.82. 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 issued its 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 period in the previous year, the firm posted ($1.13) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -7.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Jack Anders sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total value of $3,366,600.00. Following the completion of the transaction, the chief financial officer directly owned 123,269 shares in the company, valued at $20,749,870.77. The trade was a 13.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark A. Goldsmith sold 10,020 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $1,564,322.40. Following the completion of the transaction, the insider owned 267,330 shares of the company’s stock, valued at approximately $41,735,559.60. This represents a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 132,497 shares of company stock worth $21,470,486. Corporate insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

RVMD has been the topic of a number of research analyst reports. Guggenheim boosted their price objective on shares of Revolution Medicines from $205.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Oppenheimer boosted their price target on Revolution Medicines from $165.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Sanford C. Bernstein started coverage on Revolution Medicines in a research note on Thursday, May 21st. They issued a “market perform” rating and a $151.00 price objective for the company. Wedbush upped their target price on Revolution Medicines from $181.00 to $192.10 and gave the company an “outperform” rating in a research report on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $195.00 price target on shares of Revolution Medicines in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $144.67.

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.