Piper Sandler Starts Revolution (RVMD) at Overweight, 'Expecting A Happy Ending For This Love Triangle'

(Updated - March 11, 2024 4:54 AM EDT)

Piper Sandler analyst Joseph Catanzaro initiates coverage on Revolution (NASDAQ: RVMD) with a Overweight rating and a price target of $43.00.

The analyst comments "We are initiating coverage of RVMD with an Overweight rating and an $43 PT as we view its multi-RAS inhibitor RMC-6236 as significantly de-risked following initial Phase I data. More specifically, while longitudinal endpoints (e.g. PFS) are not yet mature, we find several data points that point to PFS maturing favorably in both PDAC and NSCLC, and ultimately providing conviction around future Phase III success. Within PDAC, we find a strong historical correlation between ORR and PFS/OS, a favorable PFS within the aggregate dose-escalation and a clear indication of improved PFS outcomes at higher doses - all pointing to superiority against 2L+ PDAC standard of care. Altogether, we believe RMC-6236 has multiple blockbuster opportunities (NSCLC, PDAC, CRC) and expect significant share appreciation with mature PDAC and NSCLC data later this year."

For an analyst ratings summary and ratings history on Revolution click here. For more ratings news on Revolution click here.

Shares of Revolution closed at $31.53 yesterday.

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