Los Angeles Capital Management LLC Lowers Stake in Revolution Medicines, Inc. (NASDAQ:RVMD)

Los Angeles Capital Management LLC cut its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 3.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,228 shares of the company’s stock after selling 223 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Revolution Medicines were worth $328,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Revolution Medicines by 0.8% in the first 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 during the period. Seven Eight Capital LP purchased a new stake in Revolution Medicines in the first quarter valued at approximately $2,208,000. Price T Rowe Associates Inc. MD grew its holdings in Revolution Medicines by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,814,310 shares of the company’s stock valued at $155,166,000 after purchasing an additional 177,957 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Revolution Medicines by 1,109.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,589 shares of the company’s stock valued at $1,750,000 after purchasing an additional 35,399 shares during the period. Finally, Raymond James & Associates grew its holdings in Revolution Medicines by 156.2% in the third quarter. Raymond James & Associates now owns 190,505 shares of the company’s stock valued at $8,639,000 after purchasing an additional 116,135 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RVMD has been the subject of a number of recent analyst reports. Piper Sandler boosted their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and set a $59.00 price target on shares of Revolution Medicines in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Revolution Medicines from $54.00 to $63.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Oppenheimer boosted their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. Finally, HC Wainwright boosted their target price on shares of Revolution Medicines from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $61.00.

Revolution Medicines Price Performance

RVMD stock opened at $55.13 on Monday. Revolution Medicines, Inc. has a 1-year low of $20.51 and a 1-year high of $62.40. The firm has a fifty day moving average price of $49.14 and a two-hundred day moving average price of $44.02. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of -15.36 and a beta of 1.40.

Revolution Medicines (NASDAQ:RVMD) last released its earnings results on Wednesday, November 6th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the previous year, the company posted ($0.99) EPS. As a group, analysts expect that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

Insider Transactions at Revolution Medicines

In other news, insider Mark A. Goldsmith sold 10,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $44.93, for a total transaction of $449,300.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at approximately $13,486,638.10. This represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Michael Kelsey sold 16,666 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $49.49, for a total transaction of $824,800.34. Following the transaction, the insider now owns 264,408 shares of the company’s stock, valued at $13,085,551.92. This represents a 5.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,866 shares of company stock worth $6,355,624. Insiders own 8.00% of the company’s stock.

About Revolution Medicines

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.