Revolution Medicines assumed with a Buy at UBS

UBS assumed coverage of Revolution Medicines (RVMD) with a Buy rating with a price target of $145, up from $71. Coverage is being assumed on Revolution Medicines based on its differentiated portfolio of RAS inhibitors showing clinical efficacy across solid tumors, the analyst tells investors in a research note. A Phase III 2L PDAC readout is expected imminently, representing a near-term catalyst with 70%-80% PoS of a positive outcome, the firm says.