Revolution Medicines: Differentiated RAS(ON) Pipeline Underpins Overweight/Buy Rating and $92 December 2026 Target

Brian Cheng, an analyst from J.P. Morgan, maintained the Buy rating on Revolution Medicines. The associated price target is $92.00.

Brian Cheng has given his Buy rating due to a combination of factors related to Revolution Medicines’ differentiated oncology pipeline and execution. He views the company’s RAS(ON) portfolio as offering a superior approach to targeting mutant KRAS versus existing RAS(OFF) therapies, which currently serve only a portion of relevant cancers. Supported by robust data from daraxonrasib in both second-line and first-line pancreatic and lung cancer, and encouraging early results from elironrasib and zoldonrasib, he sees the company well positioned to address a large unmet medical need. In his view, these assets collectively support Revolution Medicines’ potential to establish daraxonrasib as the foundational treatment for many pancreatic cancer patients.

Brian Cheng’s $92 December 2026 price target is derived from a sum-of-the-parts DCF model that incorporates contributions from multiple indications for the three lead assets, adjusted for probability of success and penetration assumptions. He attributes substantial value to daraxonrasib across several pancreatic, lung, and colorectal cancer settings, with additional value coming from elironrasib and zoldonrasib in lung and pancreatic cancer. Remaining value is driven by earlier pipeline programs, tax assets, cash, and corporate structure. While acknowledging typical biotech risks such as clinical, regulatory, competitive, and manufacturing uncertainties, he believes the risk/reward profile remains attractive enough to justify an Overweight/Buy stance on RVMD.

In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $170.00 price target.

Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RVMD in relation to earlier this year.