Cancer Player Revolution Medicines Gets Bullish Rating: Here's Details

Zinger Key Points
  • The analyst initiates with an Outperform rating and a target price of $30.

Raymond James initiated coverage on Revolution Medicines Inc RVMD, noting that the October readout of RMC-6236 was compelling compared to historical SoC.

RMC-6236 is an oral, first-in-class RAS(ON) inhibitor designed to treat patients with cancers driven by a wide range of common RAS mutations.

The analyst initiates with an Outperform rating and a target price of $30

Analyst Dane Leone writes that RVMD's proprietary technology allows the targeting of RAS mutations in the active state with the potential to differentiate from commercial inactive KRAS inhibitors with a larger total addressable market for KRAS G12X mutations.

Raymond James also said that the proposed initiating of two randomized Phase 3 studies for RMC-6236 (PDAC & NSCLC) during 2024 has a reasonable probability of success. 

Price Action: RVMD shares are down 0.19% at $21.30 on the last check Thursday.

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