On Friday, Revolution (NASDAQ:RVMD) saw its price target increased by Needham, a notable move reflecting the company's recent presentation of encouraging data. The new price target is set at $46.00, up from the previous $36.00, while the firm continues to recommend a Buy rating on the stock.
The adjustment in price target comes in response to positive data presented at the American Association for Cancer Research (AACR) conference earlier this week.
Revolution's preclinical data showed promise, particularly with results in G13X and Q61X mutations, which were supported by clinical activity observed in three patients. These patients, suffering from pancreatic ductal adenocarcinoma (PDAC), colorectal cancer (CRC), and melanoma, exhibited non-G12C mutations.
Additionally, preclinical data indicated that the combination of RMC-6236 and RMC-6291 could potentially lead to both an increase in response rates and an improvement in the durability of treatment outcomes. This combination treatment is being considered for its potential to enhance the efficacy of cancer therapies.
The company also shared promising preclinical results for RMC-9805 (G12D), which demonstrated responses in models of PDAC, non-small cell lung cancer (NSCLC), and gastric adenocarcinoma (GAC).
These findings contributed to Needham's decision to raise the probability of success (POS) in their projections for RMC-6236 and RMC-6291, particularly in CRC and other solid tumors.
The updated market models now include the G13X/Q61X mutations, which led to an increase in the price target for Revolution's shares. The firm's analyst cited the comprehensive data and the potential market impact of these mutations as key factors in the revised target.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.