Ami Fadia, an analyst from Needham, maintained the Buy rating on Revolution Medicines. The associated price target was raised to $66.00.
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Ami Fadia has given her Buy rating due to a combination of factors that highlight the potential of Revolution Medicines’ Daraxonrasib in treating metastatic pancreatic ductal adenocarcinoma. The recent data update revealed promising results for Daraxonrasib both as a standalone treatment and in combination with GnP, showing strong objective response rates in first-line treatment settings.
Furthermore, the Phase 3 trial design offers a pathway for potential approval of Daraxonrasib in both monotherapy and combination therapy forms. Additionally, Daraxonrasib has demonstrated an improvement in median overall survival in second-line patients compared to the current standard of care. These developments have led to an increase in estimates for the drug’s impact on pancreatic cancer treatment, prompting a raised price target for RVMD stock.
According to TipRanks, Fadia is a 5-star analyst with an average return of 10.9% and a 49.89% success rate. Fadia covers the Healthcare sector, focusing on stocks such as Biogen, Jazz Pharmaceuticals, and Axsome Therapeutics.
In another report released today, Barclays also maintained a Buy rating on the stock with a $72.00 price target.