In a report released yesterday, Alec Stranahan from Bank of America Securities maintained a Buy rating on Revolution Medicines, with a price target of $78.00.
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Alec Stranahan has given his Buy rating due to a combination of factors that highlight Revolution Medicines’ strategic growth and financial stability. The recent collaboration with Iambic is seen as a significant opportunity for Revolution Medicines to expand its early-stage pipeline at a relatively low cost. This partnership leverages Iambic’s advanced AI models to pursue novel drug targets, which aligns well with Revolution Medicines’ existing RAS(ON) platform and could accelerate the development of new drug candidates.
Furthermore, Revolution Medicines’ strong cash position, bolstered by substantial funds from Royalty Pharma, provides the company with the flexibility to invest in both late-stage developments and early-stage partnerships. The company’s leadership in the molecular glue space and the promising clinical profiles from its RAS(ON) pivotal trials further reinforce the positive outlook. With upcoming data from key trials expected in the next few years, Stranahan believes there is significant market opportunity for Revolution Medicines, justifying the Buy rating and a price objective of $78.
In another report released on July 1, H.C. Wainwright also reiterated a Buy rating on the stock with a $72.00 price target.
RVMD’s price has also changed moderately for the past six months – from $44.420 to $38.520, which is a -13.28% drop .