Needham analyst Ami Fadia reiterated a Buy rating on Revolution Medicines (RVMD – Research Report) today and set a price target of $57.00.
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Ami Fadia has given her Buy rating due to a combination of factors related to Revolution Medicines’ strategic advancements in the treatment of non-small cell lung cancer (NSCLC). The company is focusing on a novel approach that combines a mutant-selective RAS(ON) inhibitor with a multi-RAS inhibitor, which is expected to enhance target inhibition and overcome resistance more effectively than using either inhibitor alone.
Additionally, the demonstrated tolerability of the RAS(ON) inhibitor when used with pembrolizumab supports the feasibility of a chemo-free regimen. Revolution Medicines is progressing with its plans for the non-G12C setting and is optimizing doses for the G12C setting. The initiation of studies for Daraxonrasib in pancreatic cancer and in adjuvant settings, along with the ongoing RASolute 302 study, are key milestones that contribute to the positive outlook. These developments, along with updated earnings models, reinforce the Buy recommendation.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $78.00 price target.