Guggenheim analyst Michael Schmidt raised the firm’s price target on Revolution Medicines (RVMD) to $82 from $72 and keeps a Buy rating on the shares after the company presented initial Phase 1 data from RMC-9805 in patients with advanced pancreatic ducal adenocarcinoma, or PDAC, at the EORTC-NCI-AACR Symposium, or “triple meeting.” The firm’s raised target is driven by its “incrementally increased confidence” in the odds of success for RMC-6036 in the ongoing second-line PDAC Phase 3 study following the presentation of updated Phase 1/1b data last week, the analyst tells investors.
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Read More on RVMD:
- Revolution Medicines price target raised to $60 from $55 at Oppenheimer
- Revolution Medicines presents initial data from RMC-9805 study
- Revolution Medicines data validates RMC-6236’s anti-tumor activity, says Wedbush
- Revolution Medicines presents data from RMC-6236 Monotherapy Study
- Revolution Medicines: 1st patient dosed in RMC-6236 study for PDAC treatment
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