KLP Kapitalforvaltning AS Takes Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

KLP Kapitalforvaltning AS bought a new position in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,504 shares of the company's stock, valued at approximately $1,028,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in shares of Revolution Medicines during the fourth quarter worth approximately $34,000. Quarry LP acquired a new stake in shares of Revolution Medicines during the 3rd quarter valued at $82,000. Farther Finance Advisors LLC grew its holdings in shares of Revolution Medicines by 368.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,051 shares of the company's stock valued at $90,000 after acquiring an additional 1,613 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Revolution Medicines by 521.8% during the 4th 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 acquired a new position in shares of Revolution Medicines in the fourth quarter worth $173,000. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Revolution Medicines

In other news, CFO Jack Anders sold 1,864 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.04, for a total transaction of $72,770.56. Following the sale, the chief financial officer now directly owns 115,006 shares in the company, valued at approximately $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 SEC, which is accessible through the SEC website. Also, COO Margaret A. Horn sold 3,058 shares of the firm'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 $119,384.32. Following the completion of the transaction, the chief operating officer now directly owns 153,533 shares of the company's stock, valued at approximately $5,993,928.32. This trade represents 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 sold 16,660 shares of company stock worth $650,406. Company insiders own 8.00% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have weighed in on RVMD. Needham & Company LLC dropped their target price on Revolution Medicines from $60.00 to $59.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Wedbush restated an "outperform" rating and issued a $67.00 price objective on shares of Revolution Medicines in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. UBS Group increased their price target on shares of Revolution Medicines from $65.00 to $71.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus reduced their price objective 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. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $65.23.

Revolution Medicines Stock Performance

Shares of NASDAQ:RVMD traded down $1.74 during midday trading on Tuesday, hitting $33.62. The company's stock had a trading volume of 2,705,697 shares, compared to its average volume of 1,387,390. The stock's 50 day simple moving average is $40.22 and its 200 day simple moving average is $45.57. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of -9.36 and a beta of 1.46. Revolution Medicines, Inc. has a fifty-two week low of $29.55 and a fifty-two week high of $62.40.

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

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.