Revolution Medicines price target raised to $175 from $160 at Guggenheim

Guggenheim raised the firm’s price target on Revolution Medicines (RVMD) to $175 from $160 and keeps a Buy rating on the shares after the company announced that RASolute 302, the first Phase 3 study of daraxonrasib, met all primary and key secondary endpoints at the first interim analysis. The firm expects rapid uptake of daraxonrasib in second-line pancreatic ductal adenocarcinoma and believes the result also further de-risks potential future label expansion into first-line metastatic and adjuvant PDAC, the analyst tells investors.