Revolution (RVMD) PT Raised to $62 at Needham

Needham analyst Ami Fadia raised the price target on Revolution (NASDAQ: RVMD) to $62.00 (from $46.00) while maintaining a Buy rating.

The analyst commented: "We are raising our PT to $62 to reflect the updated data for RMC-6236 in 2L PDAC announced by RVMD at conf call yesterday, as it supported a superior profile, we believe. Key highlights were: (1) We saw durability data for the first time with mPFS of 8.1mo in KRAS G12X vs ~2mo SOC, and while mOS was not reached, the low end of CI was 8.5mo vs ~6.1mo SOC. We raise our PoS from 50% to 55%. (2) We also saw clinical data in RAS mutant patients for the first time, which suggests an efficacy similar to KRAS G12X. We are now expanding our TAM estimate to reflect that. (3) ORR in patients receiving therapy for 20+ wks was >25%, confirming the mid-20s trend reported at AACR 2024, (4) Mgt shared pivotal trial design, which will be initiated later this year."

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