Needham analyst Ami Fadia maintains $Revolution Medicines (RVMD.US)$ with a buy rating, and adjusts the target price from $68 to $62.
According to TipRanks data, the analyst has a success rate of 47.3% and a total average return of 4.7% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Revolution Medicines (RVMD.US)$'s main analysts recently are as follows:
The firm adjusted its valuation model following Revolution Medicines' completion of an upsized public offering totaling $862.5M in common stock. The firm still perceives significant potential in Revolution Medicines' RAS-ON platform, highlighting the prospect of combining two RAS-ON drugs or using them in conjunction with other treatments.
Revolution Medicines initiated a stock offering of roughly 19M common shares and about 2.17M in pre-funded warrants priced at $46 per share, thereby raising total gross proceeds of $862.5M. This strategic financial move came on the heels of new positive clinical data for RMC-6236 in treating non-small cell lung cancer, which demonstrated a promising 38% overall response rate and a median progression-free survival of 9.8 months in third-line RAS-mutant NSCLC patients. Analysts continue to believe that RAS(ON) inhibitors will significantly alter the standard of care across several RAS-mutant solid tumors, including non-small cell lung cancer and pancreatic ductal adenocarcinoma, suggesting that the recent market adjustments present a favorable buying opportunity for investors in Revolution Medicines.
Note:
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