In a report released today, Ami Fadia from Needham reiterated a Buy rating on Revolution Medicines, with a price target of $72.00.
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Ami Fadia has given his Buy rating due to a combination of factors surrounding Revolution Medicines. The company’s recent earnings report showed a higher-than-expected expenditure in research and development as well as selling, general, and administrative expenses. Despite this, the management remains confident in their annual financial guidance, indicating a net loss between $1.03 billion and $1.09 billion.
A key highlight from the earnings call was the initiation of the RASolute 304 study, which focuses on daraxonrasib in an adjuvant setting for pancreatic ductal adenocarcinoma patients. Additionally, the company received a priority voucher under the Commissioner’s National Priority Voucher pilot program, which is expected to expedite the development and review process of daraxonrasib. These developments have led to an increased price target of $72, reinforcing the Buy recommendation.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $82.00 price target.