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

Allspring Global Investments Holdings LLC increased its position in Revolution Medicines, Inc. (NASDAQ:RVMD) by 54.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 59,743 shares of the company’s stock after purchasing an additional 21,154 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Revolution Medicines were worth $2,629,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Wingate Wealth Advisors Inc. purchased a new position in shares of Revolution Medicines in the 4th quarter valued at approximately $437,000. WCM Investment Management LLC purchased a new position in shares of Revolution Medicines in the 4th quarter valued at approximately $6,798,000. Empowered Funds LLC purchased a new position in shares of Revolution Medicines in the 4th quarter valued at approximately $5,803,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Revolution Medicines by 92.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 61,980 shares of the company’s stock valued at $2,711,000 after purchasing an additional 29,853 shares during the period. Finally, KBC Group NV raised its stake in Revolution Medicines by 54.6% during the fourth quarter. KBC Group NV now owns 4,979 shares of the company’s stock valued at $218,000 after buying an additional 1,758 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Revolution Medicines Price Performance

RVMD stock opened at $41.34 on Friday. Revolution Medicines, Inc. has a 1-year low of $28.65 and a 1-year high of $62.40. The stock has a market capitalization of $6.95 billion, a P/E ratio of -11.52 and a beta of 1.45. The business has a fifty day moving average price of $42.49 and a 200-day moving average price of $46.25.

Insider Buying and Selling

In other news, Director Thilo Schroeder acquired 1,304,347 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average price of $46.00 per share, with a total value of $59,999,962.00. Following the completion of the acquisition, the director now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jack Anders sold 2,635 shares of Revolution Medicines stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.40, for a total value of $119,629.00. Following the completion of the sale, the chief financial officer now directly owns 96,470 shares of the company’s stock, valued at $4,379,738. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,678 shares of company stock valued at $847,981 over the last 90 days. Company insiders own 8.00% of the company’s stock.

Analyst Upgrades and Downgrades

RVMD has been the subject of a number of recent research reports. HC Wainwright lifted their price objective on Revolution Medicines from $64.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and set a $70.00 price objective on shares of Revolution Medicines in a research note on Monday, December 2nd. Piper Sandler lifted their price objective on Revolution Medicines from $57.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $68.00 price objective on shares of Revolution Medicines in a research note on Tuesday, December 3rd. Finally, Oppenheimer lifted their price objective on Revolution Medicines from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock 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.