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

Allspring Global Investments Holdings LLC grew its holdings in shares of Revolution Medicines, Inc. (NASDAQ:RVMD - Free Report) by 1,109.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,589 shares of the company's stock after purchasing an additional 35,399 shares during the period. Allspring Global Investments Holdings LLC's holdings in Revolution Medicines were worth $1,750,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Revolution Medicines in the first quarter worth $6,656,000. Vanguard Group Inc. lifted its position in Revolution Medicines by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 14,757,112 shares of the company's stock worth $475,622,000 after buying an additional 122,721 shares in the last quarter. Seven Eight Capital LP acquired a new position in Revolution Medicines during the 1st quarter worth about $2,208,000. Price T Rowe Associates Inc. MD lifted its position in Revolution Medicines by 3.8% during the 1st 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. Finally, Sei Investments Co. acquired a new position in Revolution Medicines during the 1st quarter valued at about $528,000. 94.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Revolution Medicines

In related news, insider Mark A. Goldsmith sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 directly owns 300,170 shares of the company's stock, valued at approximately $13,486,638.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Revolution Medicines news, insider Mark A. Goldsmith sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $44.93, for a total transaction of $449,300.00. Following the sale, the insider now directly owns 300,170 shares in the company, valued at $13,486,638.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Margaret A. Horn sold 50,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now owns 132,320 shares in the company, valued at approximately $6,660,988.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,866 shares of company stock valued at $6,355,624 over the last 90 days. Company insiders own 8.00% of the company's stock.

Revolution Medicines Trading Up 5.9 %

Shares of RVMD traded up $3.00 during trading hours on Thursday, reaching $53.50. 2,685,410 shares of the company's stock traded hands, compared to its average volume of 1,321,034. The stock has a market cap of $8.94 billion, a PE ratio of -14.27 and a beta of 1.43. Revolution Medicines, Inc. has a 12 month low of $18.00 and a 12 month high of $54.41. The firm's 50 day simple moving average is $45.80 and its 200-day simple moving average is $42.26.

Revolution Medicines (NASDAQ:RVMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.04). The firm had revenue of $1.00 million during the quarter, compared to analysts' expectations of $0.81 million. Revolution Medicines's revenue was down 73.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.92) EPS. As a group, analysts expect that Revolution Medicines, Inc. will post -3.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on RVMD. JPMorgan Chase & Co. lowered their price target on Revolution Medicines from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Thursday, August 8th. Bank of America raised their price target on shares of Revolution Medicines from $48.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, July 16th. Barclays increased their price objective on Revolution Medicines from $54.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, September 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $61.00 price target on shares of Revolution Medicines in a report on Thursday, October 24th. Finally, Oppenheimer increased their price objective on Revolution Medicines from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday. Eleven 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.com, Revolution Medicines currently has an average rating of "Buy" and a consensus price target of $56.75.

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.