Oppenheimer analyst Jay Olson raised the firm’s price target on Revolution Medicines (RVMD) to $60 from $55 and keeps an Outperform rating on the shares after the company provided clinical updates on ‘6236 and ‘9805 in PDAC at the triple meeting and hosted an investor event. Oppenheimer is “delighted” the updated ‘6236 Phase 1 data further improved with first reported mOS data strengthening the treatment paradigm-shifting potential of ‘6236 in 2L+ PDAC. The firm is also encouraged by the FIH data of ‘9805 in PDAC, showing encouraging signs of clinical activity and favorable safety profile that surpass expectations.
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