Revolution Medicines initiated with a Buy at Truist

Truist initiated coverage of Revolution Medicines (RVMD) with a Buy rating and $99 price target The firm says the company has “gone big” in targeting one of the biggest drivers of cancer where mutations drive one-third of all new cancer diagnoses. Revolution has built the broadest pipeline attacking RAS-mutant cancer targets, including a “coveted” multi-target pan inhibitor in daraxonrasib, which could be an $8B-plus drug, the analyst tells investors in a research note. Truist believes the current share price misses the “revolutionary potential” of Revolution’s drugs when used in combinations.