UPDATE: Stifel Starts Revolution (RVMD) at Hold
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Stifel analyst Ben Burnett initiates coverage on Revolution (NASDAQ: RVMD) with a Hold rating and a price target of $34.00.
The analyst comments "We are initiating coverage with a Hold rating and a $34/share target price. We think RVMD's lead RAS(ON) asset, RMC-6291 (KRASG12C) ought to benefit from relatively high odds of technical success, but that commercial risks are high and likely to overshadow positive clinical readouts. Separately, we're positively biased on the SHP2 combination approach with a KRASG12C inhibitor, but early data for this isn't expected until 2H22 at the earliest. Meanwhile, the competitive R&D landscape is substantial. We resonate with data showing RMC-6291's ability to inhibit KRASG12C faster than sotorasib/adagrasib and would expect this to translate into a modest efficacy boost, particularly in CRC, but we worry that adagrasib stands a good chance of demonstrating superior CNS activity, rendering it unlikely for RMC-6291 to supplant it on a monotherapy basis. We think RMC-4630 looks favorable to NVS' TNO155, but we lack confidence that near-term updates will be viewed favorably."
Shares of Revolution closed at $32.05 yesterday.
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