In a report released today, Ami Fadia from Needham reiterated a Buy rating on Revolution Medicines, with a price target of $72.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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.