Norges Bank Takes Position in Revolution Medicines, Inc. (NASDAQ:RVMD)

Norges Bank bought a new position in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,742,039 shares of the company’s stock, valued at approximately $76,197,000.

A number of other large investors have also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in Revolution Medicines by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 5,037 shares of the company’s stock valued at $220,000 after acquiring an additional 270 shares during the period. Captrust Financial Advisors raised its holdings in shares of Revolution Medicines by 4.1% during the third quarter. Captrust Financial Advisors now owns 8,459 shares of the company’s stock worth $384,000 after purchasing an additional 337 shares during the last quarter. Amalgamated Bank lifted its position in Revolution Medicines by 8.3% during the fourth quarter. Amalgamated Bank now owns 5,707 shares of the company’s stock valued at $250,000 after purchasing an additional 435 shares during the period. Arizona State Retirement System boosted its holdings in Revolution Medicines by 2.0% in the fourth quarter. Arizona State Retirement System now owns 33,905 shares of the company’s stock valued at $1,483,000 after purchasing an additional 650 shares during the last quarter. Finally, IFP Advisors Inc acquired a new stake in Revolution Medicines during the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Wall Street Analyst Weigh In

RVMD has been the subject of several analyst reports. UBS Group boosted their price objective on Revolution Medicines from $65.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright boosted their price target on Revolution Medicines from $72.00 to $73.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Stifel Nicolaus dropped their price objective on shares of Revolution Medicines from $78.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday. Needham & Company LLC decreased their target price on shares of Revolution Medicines from $60.00 to $59.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Wedbush restated an “outperform” rating and set a $67.00 price target on shares of Revolution Medicines in a research report on Thursday, February 27th. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $65.23.

Revolution Medicines Trading Up 2.9 %

RVMD stock opened at $34.60 on Thursday. Revolution Medicines, Inc. has a 12-month low of $29.55 and a 12-month high of $62.40. The business’s 50-day moving average is $39.97 and its 200 day moving average is $45.42. The stock has a market cap of $6.43 billion, a price-to-earnings ratio of -9.64 and a beta of 1.46.

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

Insiders Place Their Bets

In other Revolution Medicines news, COO Margaret A. Horn sold 3,058 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $119,384.32. Following the transaction, the chief operating officer now directly owns 153,533 shares of the company’s stock, valued at $5,993,928.32. This trade represents a 1.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark A. Goldsmith sold 11,738 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.04, for a total value of $458,251.52. Following the completion of the sale, the insider now owns 441,564 shares of the company’s stock, valued at $17,238,658.56. This trade represents a 2.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,660 shares of company stock valued at $650,406 in the last 90 days. 8.00% of the stock is owned by insiders.

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.