Revolution Medicines' Early-Data Validation For Cancer Program Wins Price Target Boost By This Analyst

Needham increased the price target for Revolution Medicines Inc RVMD from $32 to $38 with a Buy rating.
In its Q4 earnings release, Revolution shared Early clinical data on RMC-6236. The company said initial pharmacokinetics, molecular, radiographic, and tolerability/safety data provide encouraging evidence.
Consistent with its preclinical profile, RMC-6236 exhibited promising preliminary antitumor activity against multiple tumor types and genotypes.
One patient with KRASG12D NSCLC treated with 80 mg achieved a partial response (PR) on the first re-staging scan. One patient with metastatic KRASG12D pancreatic cancer who progressed following a third course of chemotherapy received RMC-6236 80 mg daily and tolerated it well.
At six weeks, all three tumor lesions were reduced 17% in size. At 12 weeks, all three residual lesions were barely detectable, and the patient achieved a 70% reduction and PR.
The company plans to provide further evidence of first-in-class single-agent activity for RMC-6236 in mid-2023.
Cash, cash equivalents, and marketable securities were $644.9 million.
Needham writes that the data indicate a clean safety profile for doses up to 120mg QD with no grade ≥3 AEs and no DLTs so far.
The analyst notes promising early efficacy with all 12 evaluable patients having either stable disease or partial response.
Responses seem to be improving with the higher dose, as seen in the PRs at the 80mg dose, while data is more limited for the 120mg dose compared to the lower doses.
Price Action: RVMD shares are up 14% at $27.78 on the last check Tuesday.

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