Principal Financial Group Inc. Trims Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Principal Financial Group Inc. trimmed its position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) by 46.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,947 shares of the company’s stock after selling 11,275 shares during the quarter. Principal Financial Group Inc.’s holdings in Revolution Medicines were worth $587,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RVMD. GAMMA Investing LLC boosted its position in shares of Revolution Medicines by 55.8% during the third quarter. GAMMA Investing LLC now owns 620 shares of the company’s stock valued at $28,000 after purchasing an additional 222 shares in the last quarter. Quarry LP bought a new stake in shares of Revolution Medicines during the third quarter valued at approximately $82,000. Values First Advisors Inc. purchased a new position in Revolution Medicines in the 3rd quarter worth approximately $93,000. KBC Group NV raised its stake in shares of Revolution Medicines by 12.9% in the third quarter. KBC Group NV now owns 3,221 shares of the company’s stock worth $146,000 after purchasing an additional 368 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Revolution Medicines during the third quarter valued at $216,000. 94.34% of the stock is owned by institutional investors.

Revolution Medicines Stock Performance

RVMD stock opened at $44.12 on Monday. The firm has a market cap of $7.42 billion, a PE ratio of -12.29 and a beta of 1.46. Revolution Medicines, Inc. has a one year low of $25.93 and a one year high of $62.40. The firm’s fifty day moving average is $50.95 and its 200 day moving average is $46.48.

Revolution Medicines (NASDAQ:RVMD) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.05). During the same quarter in the prior year, the business earned ($0.99) earnings per share. Research analysts predict that Revolution Medicines, Inc. will post -3.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

RVMD has been the subject of a number of research reports. Guggenheim upped their price objective on Revolution Medicines from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Wedbush reiterated an “outperform” rating and issued a $70.00 price target on shares of Revolution Medicines in a research report on Monday, December 2nd. Piper Sandler upped their price objective on Revolution Medicines from $57.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $68.00 price objective on shares of Revolution Medicines in a report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Revolution Medicines from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Ten 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, the company currently has a consensus rating of “Buy” and a consensus price target of $65.82.

Insider Buying and Selling at Revolution Medicines

In related news, CFO Jack Anders sold 10,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $50.30, for a total value of $503,000.00. Following the completion of the sale, the chief financial officer now owns 98,932 shares of the company’s stock, valued at approximately $4,976,279.60. This trade represents a 9.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark A. Goldsmith sold 30,000 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $50.36, for a total transaction of $1,510,800.00. Following the completion of the transaction, the insider now owns 300,170 shares in the company, valued at $15,116,561.20. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,544 shares of company stock worth $6,754,306. Corporate insiders own 8.00% of the company’s stock.

Revolution Medicines 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.