Norges Bank Buys Shares of 1,742,039 Revolution Medicines, Inc. (NASDAQ:RVMD)

Norges Bank acquired a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,742,039 shares of the company's stock, valued at approximately $76,197,000. Norges Bank owned about 1.04% of Revolution Medicines at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc purchased a new position in Revolution Medicines during the 4th quarter valued at about $34,000. Quarry LP bought a new stake in shares of Revolution Medicines in the 3rd quarter worth approximately $82,000. Farther Finance Advisors LLC increased its stake in shares of Revolution Medicines by 368.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock valued at $90,000 after buying an additional 1,613 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Revolution Medicines by 521.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,787 shares of the company's stock valued at $165,000 after acquiring an additional 3,178 shares in the last quarter. Finally, Avanza Fonder AB purchased a new stake in Revolution Medicines in the fourth quarter worth $173,000. 94.34% of the stock is owned by institutional investors.

Insider Transactions at Revolution Medicines

In other news, CFO Jack Anders sold 1,864 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.04, for a total value of $72,770.56. Following the completion of the transaction, the chief financial officer now owns 115,006 shares in the company, valued at $4,489,834.24. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Margaret A. Horn sold 3,058 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $119,384.32. Following the transaction, the chief operating officer now directly owns 153,533 shares in the company, valued at approximately $5,993,928.32. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,660 shares of company stock worth $650,406. Corporate insiders own 8.00% of the company's stock.

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Wall Street Analyst Weigh In

RVMD has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of Revolution Medicines from $65.00 to $71.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Stifel Nicolaus decreased their price target on shares of Revolution Medicines from $78.00 to $64.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Wedbush restated an "outperform" rating and issued a $67.00 price objective on shares of Revolution Medicines in a report on Thursday, February 27th. HC Wainwright upped their target price on Revolution Medicines from $72.00 to $73.00 and gave the stock a "buy" rating in a report on Monday, March 3rd. Finally, Needham & Company LLC lowered their target price on Revolution Medicines from $60.00 to $59.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Revolution Medicines has a consensus rating of "Buy" and an average price target of $65.23.

Revolution Medicines Trading Up 0.3 %

NASDAQ:RVMD traded up $0.08 during trading hours on Monday, reaching $31.40. 3,228,602 shares of the company traded hands, compared to its average volume of 1,416,328. Revolution Medicines, Inc. has a 1 year low of $29.17 and a 1 year high of $62.40. The stock has a market capitalization of $5.84 billion, a P/E ratio of -8.75 and a beta of 1.37. The business's 50-day moving average price is $39.42 and its two-hundred day moving average price is $45.15.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.11). As a group, equities analysts anticipate that Revolution Medicines, Inc. will post -3.49 EPS for the current year.

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.