Allspring Global Investments Holdings LLC Boosts Stock Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Allspring Global Investments Holdings LLC increased its stake in Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 54.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 59,743 shares of the company's stock after acquiring an additional 21,154 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Revolution Medicines were worth $2,629,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new stake in shares of Revolution Medicines during the third quarter worth $83,082,000. Janus Henderson Group PLC grew its holdings in shares of Revolution Medicines by 32.3% during the third quarter. Janus Henderson Group PLC now owns 6,137,244 shares of the company's stock worth $278,280,000 after buying an additional 1,497,026 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Revolution Medicines by 58.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,763,117 shares of the company's stock worth $79,957,000 after buying an additional 653,433 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of Revolution Medicines by 2,384.3% during the 3rd quarter. Fred Alger Management LLC now owns 540,673 shares of the company's stock valued at $24,520,000 after acquiring an additional 518,909 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Revolution Medicines by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,627,025 shares of the company's stock valued at $164,517,000 after acquiring an additional 291,369 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company's stock.

Insider Buying and Selling

In other Revolution Medicines news, CFO Jack Anders sold 2,635 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $45.40, for a total value of $119,629.00. Following the transaction, the chief financial officer now directly owns 96,470 shares in the company, valued at $4,379,738. This represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thilo Schroeder bought 1,304,347 shares of the stock in a transaction dated Thursday, December 5th. The shares were acquired at an average price of $46.00 per share, for a total transaction of $59,999,962.00. Following the completion of the transaction, the director now owns 2,096,612 shares of the company's stock, valued at approximately $96,444,152. The trade was a 164.64 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 18,678 shares of company stock worth $847,981. Company insiders own 8.00% of the company's stock.

Revolution Medicines Stock Performance

Shares of RVMD traded down $0.92 during mid-day trading on Friday, hitting $41.34. 1,119,232 shares of the company's stock were exchanged, compared to its average volume of 1,144,261. The company has a market cap of $6.95 billion, a price-to-earnings ratio of -11.52 and a beta of 1.45. Revolution Medicines, Inc. has a fifty-two week low of $28.65 and a fifty-two week high of $62.40. The stock's 50-day moving average is $42.49 and its 200-day moving average is $46.25.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RVMD. UBS Group boosted their price target 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. JPMorgan Chase & Co. upped their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. Oppenheimer upped their target price on shares of Revolution Medicines from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, October 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $68.00 target price on shares of Revolution Medicines in a research report on Tuesday, December 3rd. Finally, Piper Sandler upped their target price on shares of Revolution Medicines from $57.00 to $70.00 and gave the company an "overweight" rating in a research report on Thursday, November 7th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Revolution Medicines currently has a consensus rating of "Buy" and an average price target of $66.25.

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.