Principal Financial Group Inc. Trims Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Principal Financial Group Inc. cut its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 46.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. 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.

Several other hedge funds have also recently made changes to their positions in RVMD. Farallon Capital Management LLC grew its stake in shares of Revolution Medicines by 30.0% in the second quarter. Farallon Capital Management LLC now owns 9,757,692 shares of the company’s stock worth $378,696,000 after acquiring an additional 2,249,820 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Revolution Medicines by 77.9% in the first quarter. Janus Henderson Group PLC now owns 3,912,119 shares of the company’s stock worth $126,067,000 after acquiring an additional 1,712,639 shares during the last quarter. Logos Global Management LP purchased a new stake in shares of Revolution Medicines in the second quarter worth $46,572,000. Hood River Capital Management LLC bought a new position in shares of Revolution Medicines during the second quarter valued at $35,472,000. Finally, American Century Companies Inc. bought a new position in shares of Revolution Medicines during the second quarter valued at $20,154,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Revolution Medicines Trading Down 0.1 %

NASDAQ RVMD opened at $56.75 on Monday. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of -15.81 and a beta of 1.40. Revolution Medicines, Inc. has a twelve month low of $20.98 and a twelve month high of $62.40. The stock has a 50-day moving average of $50.55 and a 200 day moving average of $44.62.

Revolution Medicines (NASDAQ:RVMD) last posted its quarterly earnings data 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 period in the prior year, the firm posted ($0.99) earnings per share. Equities analysts predict that Revolution Medicines, Inc. will post -3.51 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RVMD shares. Piper Sandler upped their price target on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Barclays upped their price target on Revolution Medicines from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Wedbush reaffirmed an “outperform” rating and set a $59.00 price target on shares of Revolution Medicines in a report on Thursday, August 8th. Needham & Company LLC upped their price target on Revolution Medicines from $61.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Oppenheimer increased their target price on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $61.00.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 10,000 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.30, for a total transaction 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. This represents a 9.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Margaret A. Horn sold 50,000 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $50.34, for a total value of $2,517,000.00. Following the sale, the chief operating officer now owns 132,320 shares in the company, valued at approximately $6,660,988.80. This trade represents a 27.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,866 shares of company stock worth $6,355,624. Company insiders own 8.00% of the company’s stock.

Revolution Medicines Company 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.