Granahan Investment Management LLC Sells 56,621 Shares of Revolution Medicines, Inc. $RVMD

Granahan Investment Management LLC reduced its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 57.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RVMD. Nextech Invest Ltd. boosted its holdings in Revolution Medicines by 20.7% during the 4th quarter. Nextech Invest Ltd. now owns 7,601,087 shares of the company’s stock valued at $332,472,000 after acquiring an additional 1,304,347 shares during the period. Millennium Management LLC lifted its position in shares of Revolution Medicines by 681.8% during the first quarter. Millennium Management LLC now owns 156,353 shares of the company’s stock worth $5,529,000 after purchasing an additional 136,353 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Revolution Medicines by 14.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,196 shares of the company’s stock valued at $10,615,000 after purchasing an additional 37,345 shares during the period. Invesco Ltd. grew its holdings in shares of Revolution Medicines by 19.3% in the second quarter. Invesco Ltd. now owns 227,019 shares of the company’s stock worth $8,352,000 after purchasing an additional 36,760 shares during the last quarter. Finally, Jump Financial LLC increased its stake in Revolution Medicines by 87.9% in the 2nd quarter. Jump Financial LLC now owns 15,258 shares of the company’s stock worth $561,000 after buying an additional 7,137 shares during the period. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Revolution Medicines in a research report on Friday, July 17th. Evercore reiterated an “outperform” rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Mizuho raised their price objective on Revolution Medicines from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, July 6th. Needham & Company LLC upped their target price on Revolution Medicines from $235.00 to $236.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Royal Bank Of Canada increased their price target on Revolution Medicines from $165.00 to $182.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.67.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $189.23 on Friday. The company has a market capitalization of $40.23 billion, a price-to-earnings ratio of -26.77 and a beta of 1.37. Revolution Medicines, Inc. has a 52 week low of $34.00 and a 52 week high of $193.82. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average of $168.87 and a 200 day moving average of $131.73.

Revolution Medicines (NASDAQ:RVMD) last posted its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.83) by ($0.46). During the same period in the prior year, the firm posted ($1.13) earnings per share. On average, sell-side analysts predict that Revolution Medicines, Inc. will post -7.91 earnings per share for the current fiscal year.

Insider Activity

In other Revolution Medicines news, CFO Jack Anders sold 20,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $168.33, for a total transaction of $3,366,600.00. Following the completion of the sale, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at approximately $20,749,870.77. This represents a 13.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Michael Kelsey sold 4,175 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $156.12, for a total transaction of $651,801.00. Following the completion of the sale, the insider owned 291,876 shares in the company, valued at $45,567,681.12. This represents a 1.41% 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. Insiders sold a total of 132,497 shares of company stock worth $21,470,486 over the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

About Revolution Medicines

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.