Revolution (RVMD) PT Raised to $46 at Needham

Needham analyst Ami Fadia raised the price target on Revolution (NASDAQ: RVMD) to $46.00 (from $36.00) while maintaining a Buy rating.

The analyst commented: 'We are raising our PT to $46 from $36 to reflect positive data presented at AACR this week. Also in this note, we summarize takeaways from our Fireside chat with mgt at the Needham Healthcare conference. Key highlights from AACR included (1) positive preclinical data in G13X and Q61X supported by clinical activity in 3 patients with non-G12C mutations in PDAC, CRC and melanoma cancers, (2) preclinical data supporting that the combination of RMC-6236 and RMC-6291 can generate meaningful improvement in durability in addition to higher response rates, and (3) encouraging pre-clinical data for RMC-9805 (G12D) with responses in PDAC, NSCLC, and GAC models. We raised the POS of RMC-6236 and RMC-6291 in CRC and other solid tumors in our projections and added G13X/Q61X mutations to our market models, which raised our PT to $46.'

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