Analyst Jonathan Chang from Leerink Partners maintained a Buy rating on Revolution Medicines and decreased the price target to $64.00 from $66.00.
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Jonathan Chang has given his Buy rating due to a combination of factors, primarily focusing on the progress Revolution Medicines is making with its innovative RAS(ON) platform. The company’s efforts in advancing daraxonrasib, a multi-RAS inhibitor, across various lines of therapy in pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) are noteworthy.
Revolution Medicines is actively enrolling patients in multiple Phase III studies, including those for daraxonrasib in second-line PDAC and NSCLC, as well as planning new trials for first-line metastatic PDAC and NSCLC. The company’s strategic geographic enrollment and collaborations, such as with Tango Therapeutics, are expected to support global registration and enhance clinical outcomes. Despite the competitive landscape in RAS pathway drug development, the promising clinical data and the potential to address a large population of RAS-dependent cancers underpin Chang’s optimistic outlook.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $56.00 price target.