A Look At Revolution Medicines (RVMD) Valuation After Starting Pivotal Phase 3 RASolute 303 Trial
Revolution Medicines (RVMD) has initiated its pivotal Phase 3 RASolute 303 trial for its RAS inhibitor daraxonrasib, leading to significant stock momentum with a 216.48% one-year return. Despite trading at $99.12, Simply Wall St's analysis suggests RVMD is undervalued, with a fair value of $133.70, based on ambitious oncology assumptions. However, this positive outlook is tempered by substantial operating expenses and potential trial setbacks, urging investors to consider both opportunities and risks.
Revolution Medicines Begins Treating Patients in Phase 3
Revolution Medicines has initiated patient treatment in RASolute 303, a global Phase 3 clinical trial for daraxonrasib. This trial evaluates daraxonrasib as both monotherapy and in combination with chemotherapy for patients with previously untreated metastatic pancreatic ductal adenocarcinoma (PDAC), irrespective of tumor RAS genotype. The primary endpoints are progression-free survival and overall survival, aiming to significantly improve outcomes for patients with this aggressive, RAS-driven cancer.
Revolution Medicines (RVMD) Begins Phase 3 Trial for Pancreatic Cancer Drug
Revolution Medicines (RVMD) has initiated a Phase 3 clinical trial, RASolute 303, for its drug daraxonrasib to treat newly diagnosed metastatic pancreatic ductal adenocarcinoma. The trial evaluates daraxonrasib as a monotherapy and in combination with chemotherapy, aiming to include participants regardless of their specific RAS tumor genotype. Despite currently reporting no revenue and consistent net losses, the clinical-stage oncology company maintains a strong liquidity position and high institutional ownership.
First patients enter global Phase 3 test in metastatic pancreatic cancer
Revolution Medicines (NASDAQ:RVMD) has initiated patient treatment in RASolute 303, a global Phase 3 trial for daraxonrasib as a first-line treatment for metastatic pancreatic ductal adenocarcinoma (PDAC). The study will evaluate daraxonrasib as a monotherapy and in combination with chemotherapy against standard-of-care, enrolling patients regardless of their tumor's RAS genotype. Primary endpoints include progression-free survival and overall survival, aiming to address the significant unmet medical need in this aggressive cancer.
Revolution Medicines Begins Treating Patients in Phase 3 RASolute 303 Trial Evaluating Daraxonrasib as First Line Treatment for Patients with Metastatic Pancreatic Cancer
Revolution Medicines has initiated patient treatment in its Phase 3 RASolute 303 clinical trial for daraxonrasib, a potential first-line treatment for metastatic pancreatic ductal adenocarcinoma (PDAC). The trial is evaluating daraxonrasib as a monotherapy and in combination with chemotherapy, aiming to improve outcomes for patients with this aggressive, often RAS-driven cancer. This marks a significant milestone in advancing RAS(ON) inhibition for earlier lines of therapy.
Tema Etfs LLC Decreases Position in Revolution Medicines, Inc. $RVMD
Tema Etfs LLC has reduced its stake in Revolution Medicines (NASDAQ:RVMD) by 20.7% in the fourth quarter, selling over 26,000 shares and now holding 100,603 shares valued at $8.01 million. Despite this, institutional ownership remains high at 94.34%. Company insiders have also been net sellers, offloading shares worth $15.01 million over the past 90 days.
Is Early RAS(ON) Pancreatic Cancer Data Altering The Investment Case For Revolution Medicines (RVMD)?
Revolution Medicines has reported promising early clinical data for its RAS-targeting candidates, daraxonrasib and zoldonrasib, in second-line metastatic pancreatic cancer. This activity, attributed to a molecular glue RAS(ON) inhibition strategy, suggests a potential breakthrough in treating difficult tumors, reinforcing the company's investment thesis. However, the company faces significant financial challenges with heavy cash burn and expected losses, requiring careful evaluation of its funding needs and execution capabilities.
Jefferies highlights Revolution Medicines, Inc. (RVMD)’s RAS(ON) platform in coverage initiation
Jefferies has initiated coverage on Revolution Medicines, Inc. (RVMD), highlighting the company's differentiated RAS(ON) platform. This platform is noted for its potential to address a significant unmet medical need in oncology by targeting active RAS mutations. The coverage initiation suggests a positive outlook on RVMD's therapeutic development capabilities.
Revolution Medicines and Summit Therapeutics Advance Broad RAS(ON) Combo Study in Solid Tumors
Revolution Medicines (RVMD) and Summit Therapeutics (SMMT) announced progress in their Phase 1/2 clinical study for advanced RAS-mutated solid tumors. This open-label, non-randomized study evaluates combinations of oral RAS(ON) inhibitors with an IV antibody drug, aiming to identify safe doses and signs of efficacy to broaden treatment options for lung and colorectal cancer. While specific completion dates are not yet posted, the trial is actively recruiting, potentially strengthening the long-term outlook for both companies' pipelines in the competitive RAS inhibitor market.
Jefferies Highlights Revolution Medicines, Inc. (RVMD)’s RAS(ON) Platform in Coverage Initiation
Jefferies has initiated coverage of Revolution Medicines, Inc. (RVMD) with a Buy rating and a $140 price target, citing the potential of its RAS(ON) platform. The firm anticipates positive interim data from the Phase 3 RASolute 302 trial and highlights daraxonrasib's transformative potential for pancreatic cancer. Revolution Medicines will also present new Phase 1 and 1/2 data for its RAS(ON) inhibitors at the upcoming AACR Annual Meeting.
Revolution Medicines (RVMD) price target increased by 10.02% to 136.84
The article states that Revolution Medicines (RVMD) has received a price target increase of 10.02%, raising it to $136.84. No further details are provided regarding the reasons for this adjustment or the analysts responsible.
A Look At Revolution Medicines (RVMD) Valuation As Cash Flows Clash With Popular Fair Value Estimates
Revolution Medicines (RVMD) is currently trading at US$92.51, which is very close to a popular fair value estimate of $92.22, suggesting it's slightly overvalued despite a large discount according to other models. The company has significant liquidity but also high operating expenses, delaying potential positive earnings. However, a discounted cash flow model suggests a much higher fair value of $520.71, indicating a deep discount.
Revolution Medicines, Inc. (NASDAQ:RVMD) Given Average Rating of "Buy" by Analysts
Revolution Medicines, Inc. (NASDAQ:RVMD) has received a consensus "Buy" rating from twenty-one analysts, with an average 12-month target price of $78.94. The company recently reported Q4 EPS of -$1.86, missing estimates, and analysts project -$3.49 EPS for the current fiscal year. Insider selling and significant institutional investment activity have also been noted.
Revolution Medicines (RVMD) price target increased by 10.02% to 136.84
The article states that the price target for Revolution Medicines (RVMD) has been increased by 10.02% to $136.84. No further details are provided regarding the reasons for this price target adjustment.
Revolution Medicines (RVMD) Stock: Executive Sells $3.5M While Wall Street Upgrades to Strong-Buy
Revolution Medicines (RVMD) stock saw its Chief Global Commercialization Officer sell 26,552 shares for approximately $3.5 million, though these sales were pre-arranged. Concurrently, several Wall Street analysts, including Truist Financial, Jefferies, Evercore, UBS, and Wedbush, upgraded the stock to "strong-buy" or "buy" ratings, highlighting optimism despite insider selling and a Q4 2025 earnings miss. Institutional investors also significantly increased their holdings, collectively controlling 94.34% of RVMD shares.
Revolution Medicines (RVMD) Stock: Executive Sells $3.5M While Wall Street Upgrades to Strong-Buy
Revolution Medicines (RVMD) stock fell 1.3% after its Chief Global Commercialization Officer sold $3.5 million in shares, despite a pre-established trading plan. Concurrently, Truist Financial upgraded RVMD to a "strong-buy" rating, joining other analysts with optimistic outlooks. Institutional investors increased their positions, now holding 94.34% of shares, even though the company missed Q4 2025 earnings expectations due to high R&D and administrative costs.
Vanguard (RVMD) files amendment showing 0 shares of Revolution Medicines
The Vanguard Group filed an Amendment No. 4 to a Schedule 13G/A, reporting 0 shares (0%) of Revolution Medicines Inc common stock. This change is due to an internal realignment effective January 12, 2026, which disaggregated certain subsidiaries' holdings from The Vanguard Group in accordance with SEC Release No. 34-39538. The filing, signed by Ashley Grim, Head of Global Fund Administration, indicates no sole or shared voting or dispositive power over any Revolution Medicines shares by The Vanguard Group.
Revolution Medicines (RVMD) CDO details initial option and RSU stake
Revolution Medicines' Chief Development Officer, Alan B. Sandler, has filed an initial beneficial ownership report, detailing his equity stake in the company. He directly holds 53,000 shares of common stock, which include Restricted Stock Units, and also holds stock options for 167,300 shares expiring in 2035 and 11,700 shares expiring in 2036. These holdings signify long-term, service-based incentives aligning his compensation with the company's performance.
[144] Revolution Medicines, Inc. SEC Filing
This article details a Form 144 SEC filing by Revolution Medicines, Inc. (RVMD) concerning a proposed sale of securities. The filing indicates a sale of 37,450 shares of common stock acquired via stock option on April 1, 2025, with an aggregate market value of $3,578,823.12, scheduled for approximately March 25, 2026, on NASDAQ. The document provides detailed information about the filer, issuer, and the securities to be sold.
Revolution Medicines exec Mancini sells $3.5m in shares
Anthony Mancini, Chief Global Commercialization Officer at Revolution Medicines, Inc. (NASDAQ:RVMD), sold approximately $3.5 million worth of common stock on March 25, 2026. This sale was made pursuant to a pre-adopted trading plan, and Mancini also exercised options to acquire additional shares. The company recently reported fourth-quarter 2025 earnings with a net loss and has seen positive coverage from several financial firms due to its clinical advancements.
Anthony Mancini of Revolution Medicines (RVMD) details stock options and RSUs
Anthony Mancini, an officer at Revolution Medicines (RVMD), filed an initial statement of beneficial ownership (Form 3) detailing his existing equity holdings. He directly holds 54,400 Restricted Stock Units of Common Stock and two stock option awards: one for 149,800 shares at an exercise price of $33.62, and another for 26,200 shares at $102.02. This filing clarifies his initial ownership position upon becoming a reporting insider, rather than reporting new transactions.
Revolution Medicines (NASDAQ:RVMD) Upgraded by Truist Financial to Strong-Buy Rating
Truist Financial upgraded Revolution Medicines (NASDAQ:RVMD) to a "strong-buy" rating, contributing to a MarketBeat consensus "Buy" with an average price target of $78.94. This upgrade comes despite the company missing its Q4 EPS consensus estimate, reporting ($1.86) versus ($1.56), and insiders selling approximately $15.0 million in shares over the last 90 days. Institutional ownership remains high at 94.34%, with several large investors increasing their stakes.
Revolution Medicines outlines $1.03B–$1.09B net loss guidance for 2025 amid expanded global RAS portfolio strategy
Revolution Medicines has provided guidance for a net loss between $1.03 billion and $1.09 billion for 2025, an increase from previous estimates. This expanded net loss is primarily due to the company's broadened global RAS portfolio strategy, which now includes clinical development of two drug candidates acquired from Sanofi for an upfront payment of $300 million and potential milestone payments. The company plans to fund these initiatives through its existing capital resources, expected to last until at least 2027.
Is It Too Late To Consider Revolution Medicines (RVMD) After A 148% One Year Surge?
Revolution Medicines (RVMD) has seen significant price surges recently but its valuation is mixed, showing undervaluation by Discounted Cash Flow (DCF) analysis and overvaluation by Price-to-Book (P/B) ratio. The article explores two "Narratives" – a bullish case suggesting 44% undervaluation with a fair value of US$170, and a bear case indicating 4% overvaluation with a fair value around US$92.22, depending on future revenue and earnings assumptions. Investors are encouraged to consider these different perspectives due to the company's early-stage, high-growth biotech nature.
Revolution Medicines (Nasdaq:RVMD) - Stock Analysis
This report provides a detailed stock analysis of Revolution Medicines (Nasdaq:RVMD), a clinical-stage oncology company specializing in RAS-addicted cancers. It covers financial health, future growth, past performance, valuation, and recent news, noting the company is currently unprofitable but forecasts strong revenue growth. The analysis also highlights key developments in its drug pipeline and upcoming earnings reports.
A Look At Revolution Medicines (RVMD) Valuation After AACR RAS(ON) Pipeline Data Catalyst
Revolution Medicines (RVMD) has announced significant pipeline data for its RAS(ON) inhibitor program at the 2026 AACR Annual Meeting, contributing to recent share price momentum. Despite a narrative valuation suggesting the stock is 43.7% undervalued at $170 against a current price of $95.77, other metrics like the P/B ratio (11.6x compared to an industry average of 2.5x) suggest it is expensive, reflecting its pre-revenue status. Investors are advised to weigh the optimistic growth narrative against the premium valuation and associated risks.
Revolution Medicines Sees Unusually High Options Volume (NASDAQ:RVMD)
Revolution Medicines (NASDAQ:RVMD) experienced unusually high options trading volume, with put options increasing by 131%, indicating bearish sentiment. This comes despite a consensus "Buy" rating from analysts, though their average price target of $78.94 is below the stock's Friday closing price of $97.15. Further negative signals include recent insider selling totaling $15 million and a wider-than-expected quarterly EPS miss.
Wei Lin, chief medical officer, sells $206k in Revolution Medicines
Wei Lin, Chief Medical Officer at Revolution Medicines Inc (NASDAQ:RVMD), sold 2,073 shares worth $206,222 to cover tax obligations. The sale occurred after RVMD stock saw a 156% gain over the past year, and the company recently reported a Q4 2025 net loss but still holds significant cash and investments. Several investment firms, including UBS, Piper Sandler, Needham, and Wells Fargo, have issued "Buy" or "Overweight" ratings, raising price targets for the company.
Insider Selling: Revolution Medicines (NASDAQ:RVMD) CFO Sells 2,753 Shares of Stock
Revolution Medicines (NASDAQ:RVMD) CFO Jack Anders sold 2,753 shares of company stock on March 17th for a total of $273,868.44, reducing his holding by 2.15%. This follows a previous sale of 10,000 shares in January. Despite the insider selling and a consensus "Buy" rating from analysts, the average target price of $78.94 is below the current trading price of approximately $99.29.
Anders, Revolution Medicines CFO, sells $273k in RVMD stock
Revolution Medicines, Inc.'s CFO, Jack Anders, sold 2,753 shares of RVMD stock for over $273,000 to cover tax obligations from vested restricted stock units. This transaction occurred as the stock trades near its 52-week high after a significant annual gain. The company recently reported Q4 2025 earnings showing a larger-than-expected loss due to increased R&D and administrative costs, despite positive analyst ratings from UBS, Piper Sandler, Needham, and Wells Fargo recognizing its pipeline potential.
Revolution Medicines (RVMD) COO pre-planned sale tied to RSU tax
Revolution Medicines, Inc. (RVMD) COO Margaret A. Horn reported selling 4,583 shares of common stock at $99.4804 per share. This transaction was pre-planned under a Rule 10b5-1 instruction letter to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs). After the sale, Horn directly holds 157,570 shares and also retains 73,050 RSUs.
Revolution Medicines Insider Sold Shares Worth $455,919, According to a Recent SEC Filing
An insider at Revolution Medicines (RVMD) sold shares valued at $455,919, according to a recent SEC filing. This transaction follows a previous insider sale reported on March 4th for $3,644,354. Revolution Medicines is a clinical-stage oncology company focused on developing targeted therapies for RAS-addicted cancers.
Insider Selling: Revolution Medicines (NASDAQ:RVMD) COO Sells 4,583 Shares of Stock
Revolution Medicines (NASDAQ:RVMD) COO Margaret Horn sold 4,583 shares of the company's stock on March 17th at an average price of $99.48, totaling $455,916.84. This transaction decreased her ownership by 2.83%. Despite the insider selling and a recent EPS miss, analysts maintain a "Buy" rating for the biopharmaceutical company, which focuses on developing therapies for RAS-dependent cancers.
Revolution Medicines (NASDAQ:RVMD) Insider Sells $427,962.96 in Stock
Revolution Medicines (NASDAQ:RVMD) insider Stephen Michael Kelsey sold 4,302 shares worth $427,962.96 on March 17th, reducing his stake by 1.44%. Despite the sale and a Q4 EPS miss, Wall Street analysts maintain a "Buy" consensus with a price target of $78.94. The company's stock traded up 1.2% to $99.29, with institutional investors holding 94.34% of shares.
Revolution Medicines exec Kelsey sells $427,964 in stock
Stephen Michael Kelsey, President of Research and Development at Revolution Medicines, Inc. (NASDAQ:RVMD), sold 4,302 shares of common stock totaling $427,964. The sale was executed to satisfy tax obligations related to restricted stock units and occurred when RVMD stock was near its 52-week high, having returned 156% over the past year. Analysts hold mixed views on Revolution Medicines, with some raising price targets while others adjusted them slightly lower due to increased costs.
Revolution Medicines CEO Goldsmith sells $1.28 million in stock
Mark A. Goldsmith, CEO of Revolution Medicines, Inc. (NASDAQ:RVMD), sold 12,871 shares for approximately $1.28 million on March 17, 2026, under a pre-arranged trading plan to cover tax obligations. Despite this sale, Goldsmith retains significant direct and indirect ownership in the company, which recently reported a net loss increase but holds strong cash reserves and positive analyst coverage following developments in its RAS inhibitors and strategic partnerships.
CFO of Revolution Medicines (NASDAQ: RVMD) sells 2,753 shares
Revolution Medicines (NASDAQ: RVMD) CFO Anders Jack sold 2,753 shares of company common stock at an average price of $99.4804 per share. This transaction was executed to cover tax withholding obligations on vested restricted stock units (RSUs) under a pre-established Rule 10b5-1 plan. Following the sale, Jack directly holds 125,512 shares, including 56,600 RSUs.
Revolution Medicines (RVMD) officer sells 4,302 shares under 10b5-1 plan
Revolution Medicines, Inc. officer Stephen Michael Kelsey sold 4,302 shares of common stock at $99.4804 per share. This transaction was conducted under a Rule 10b5-1 plan established on May 31, 2023, to cover tax withholding obligations from vested restricted stock units. Following the sale, Kelsey directly owns 295,398 shares, including 84,250 restricted stock units.
Revolution Medicines (NASDAQ: RVMD) CMO sells 2,073 shares for tax withholding
Revolution Medicines' Chief Medical Officer, Wei Lin, reported an open-market sale of 2,073 shares of common stock on March 17, 2026, at an average price of $99.4804 per share. This transaction was conducted under a pre-arranged Rule 10b5-1 plan to cover tax withholding obligations associated with the vesting of restricted stock units. Following this sale, Lin directly holds 101,366 shares, including 62,050 restricted stock units.
Morgan Stanley schedules sale of RVMD (NASDAQ: RVMD) RSUs, prior insider sales listed
Morgan Stanley Smith Barney LLC has filed a Form 144 notice for the proposed sale of Restricted Stock Units (RSUs) of Revolution Medicines, Inc. (NASDAQ: RVMD). The filing also details prior sales made by Jeffrey Todd Cislini on March 16, 2026, and January 21, 2026. These transactions involve common stock and are listed with specific dates and proceeds.
RBC names top M&A candidates in biotech (RVMD:NASDAQ)
RBC Capital Markets has identified 13 biotech companies as prime M&A candidates, including Revolution Medicines, Ascendis Pharma, and Arrowhead Pharma, based on an analysis by Leonid Timashev. Media reports on biotech M&A have historically driven significant short-term stock returns for target companies. Large pharmaceutical firms such as Merck, AbbVie, and Bristol Myers Squibb are considered the most likely potential acquirers.
Did Revolution Medicines’ Expanded RAS(ON) Data at AACR 2026 Just Shift RVMD’s Investment Narrative?
Revolution Medicines presented expanded RAS(ON) inhibitor data at AACR 2026, including new Phase 1 data for zoldonrasib and Phase 1/2 data for daraxonrasib, alongside preclinical research on catalytic RAS(ON) inhibitors for emergent resistance. While this reinforces the scientific depth of their platform, the investment narrative for the pre-revenue and unprofitable company remains largely dependent on pivotal daraxonrasib readouts, regulatory progress, and potential M&A interest. The article notes the wide range of fair value estimates for RVMD and highlights the importance of considering multiple perspectives due to the company's significant losses and market valuation.
Revolution Medicines, Inc. (RVMD) net loss widens amid progress on clinical trial programs
Revolution Medicines, Inc. (RVMD) reported a wider net loss despite making progress in its clinical trial programs. The company continues to advance its drug candidates, focusing on oncology. This financial outcome reflects ongoing investment in research and development.
Revolution Medicines to Showcase Progress Across RAS(ON) Targeted Oncology Pipeline at AACR Annual Meeting
Revolution Medicines will present nine oral and poster presentations at the 2026 American Association for Cancer Research (AACR) Annual Meeting, highlighting advances in its RAS(ON) inhibitor pipeline. These presentations will include new Phase 1 data for zoldonrasib in KRAS G12D mutant non-small cell lung cancer, and Phase 1/2 data for daraxonrasib in metastatic pancreatic ductal adenocarcinoma. The company will also showcase preclinical research on new mutant-targeted catalytic RAS(ON) inhibitors designed to combat resistance.
Revolution Medicines to Showcase Progress Across RAS(ON) Targeted Oncology Pipeline with Multiple Presentations at the 2026 American Association for Cancer Research (AACR) Annual Meeting
Revolution Medicines, Inc. announced its participation in the 2026 AACR Annual Meeting, where it will present nine oral and poster presentations. These presentations will highlight advances in its RAS(ON) inhibitor pipeline, including new Phase 1 data for zoldonrasib in KRAS G12D mutant non-small cell lung cancer and Phase 1/2 data for daraxonrasib in metastatic pancreatic ductal adenocarcinoma. The company will also showcase preclinical research on a new class of mutant-targeted catalytic RAS(ON) inhibitors designed to combat emergent resistance in RAS-driven cancers.
Revolution Medicines Showcases RAS(ON) Inhibitor Pipeline Advances at AACR Annual Meeting 2026
Revolution Medicines will present nine studies on its RAS(ON) inhibitor pipeline at the AACR Annual Meeting from April 17-22, 2026. These presentations will include new Phase 1 data for zoldonrasib, a selective inhibitor for KRAS G12D mutant non-small cell lung cancer, and Phase 1/2 studies on daraxonrasib for metastatic pancreatic ductal adenocarcinoma. The company will also highlight preclinical research on new catalytic RAS(ON) inhibitors aimed at overcoming resistance in cancer therapy.
Revolution Medicines brings lung and pancreatic cancer trial data to AACR 2026
Revolution Medicines (Nasdaq: RVMD) will present nine oral and poster presentations at the 2026 AACR Annual Meeting, highlighting progress in its RAS(ON)-targeted oncology pipeline. Key presentations include Phase 1 data for zoldonrasib in KRAS G12D NSCLC and Phase 1/2 data for daraxonrasib in first-line metastatic PDAC, along with research on new catalytic RAS(ON) inhibitors designed to address resistance. This showcases the company's broad development strategy in RAS-driven cancers.
Revolution Medicines to Showcase Progress Across RAS(ON)
Revolution Medicines will present nine oral and poster presentations at the 2026 AACR Annual Meeting, highlighting advances in its RAS(ON) inhibitor pipeline. Key presentations include new Phase 1 data for zoldonrasib in NSCLC and Phase 1/2 data for daraxonrasib in pancreatic cancer, including combination therapy with chemotherapy. The company will also showcase preclinical research on a new class of mutant-targeted catalytic RAS(ON) inhibitors designed to address emergent resistance.
Revolution Medicines, Inc. $RVMD is Farallon Capital Management LLC's 6th Largest Position
Farallon Capital Management LLC has increased its stake in Revolution Medicines (RVMD) by 2.1% to become its 6th largest position, holding 14.6 million shares valued at $683.0 million. Despite this, company insiders have been net sellers, with executives selling shares worth $14.38 million in the last 90 days. Revolution Medicines, a clinical-stage biotech with an $18.8 billion market cap, recently missed its EPS consensus, but Wall Street analysts maintain an overall "Buy" rating with an average price target of $78.94.
Decheng Capital LLC Reduces Stock Position in Revolution Medicines, Inc. $RVMD
Decheng Capital LLC decreased its stake in Revolution Medicines, Inc. (NASDAQ:RVMD) by 7.1% during the third quarter, reducing its holdings to 210,000 shares worth $9.8 million. Despite this reduction, Revolution Medicines remains the 7th largest position for Decheng Capital LLC, comprising 1.7% of its holdings. Other institutional investors like Nextech Invest Ltd. and Millennium Management LLC increased their stakes, while company insiders sold shares totaling $14.37 million in the last three months.
