Revolution Medicines, Inc. (NASDAQ:RVMD) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 46.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 12,947 shares of the company’s stock after selling 11,275 shares during the period. Principal Financial Group Inc.’s holdings in Revolution Medicines were worth $587,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new position in shares of Revolution Medicines in the 3rd quarter valued at about $83,082,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Revolution Medicines in the 3rd quarter valued at $801,000. Geode Capital Management LLC increased its position in shares of Revolution Medicines by 8.7% during the third quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company’s stock worth $164,517,000 after purchasing an additional 291,369 shares in the last quarter. Barclays PLC lifted its holdings in shares of Revolution Medicines by 187.1% in the 3rd quarter. Barclays PLC now owns 294,664 shares of the company’s stock valued at $13,362,000 after purchasing an additional 192,021 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Revolution Medicines in the third quarter valued at approximately $247,000. Institutional investors and hedge funds own 94.34% of the company’s stock.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD opened at $44.12 on Monday. The company has a market cap of $7.42 billion, a P/E ratio of -12.29 and a beta of 1.46. Revolution Medicines, Inc. has a one year low of $25.93 and a one year high of $62.40. The business’s 50-day simple moving average is $50.95 and its 200 day simple moving average is $46.48.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the prior year, the firm posted ($0.99) earnings per share. Analysts predict that Revolution Medicines, Inc. will post -3.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.34, for a total transaction of $2,517,000.00. Following the completion of the transaction, the chief operating officer now directly owns 132,320 shares of the company’s stock, valued at approximately $6,660,988.80. This represents a 27.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jack Anders sold 10,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the sale, the chief financial officer now owns 98,932 shares in the company, valued at $4,976,279.60. The trade was a 9.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 136,544 shares of company stock valued at $6,754,306 in the last ninety days. Corporate insiders own 8.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RVMD. Wedbush reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. HC Wainwright upped their price objective on shares of Revolution Medicines from $64.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their target price on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer raised their price objective on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their target price on Revolution Medicines from $63.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $65.82.

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.