Analyst Charles Zhu of LifeSci Capital maintained a Buy rating on Revolution Medicines, retaining the price target of $104.00.
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Charles Zhu has given his Buy rating due to a combination of factors that highlight the potential for Revolution Medicines’ stock to perform well. One significant factor is the accelerated timeline for the interim analysis of the Phase 3 RASolute 302 trial, which is now expected to occur up to 1.5 months earlier than previously anticipated. This acceleration is attributed to the enrollment of 501 patients, exceeding the initially planned 460, which could lead to earlier data readouts and potentially positive outcomes.
Furthermore, the increased patient enrollment suggests a strong interest and commitment to the trial, which may enhance the credibility and impact of the study’s results. The earlier triggering of OS event-driven analyses could provide timely insights into the trial’s success, potentially driving the stock’s momentum. These elements, combined with the strategic planning and execution of the trial, underpin Zhu’s confidence in recommending a Buy rating for Revolution Medicines.
In another report released on December 12, Wells Fargo also assigned a Buy rating to the stock with a $100.00 price target.