JPMorgan analyst Eric Joseph raised the firm’s price target on Revolution Medicines (RVMD) to $71 from $63 and keeps an Overweight rating on the shares. On the heels of the data update across the RAS(ON) pipeline, the firm updated its model to reflect increased success assumptions, namely in both the 2L and 1L NSCLC opportunities for RMC-6236, all together contributing to the new price target The firm added that it continues tot view the Phase 1 mono and pembro combo updates as fundamentally derisking into both the planned phase 3 registrational trial 2L NSCLC set to begin in Q1 and an expected 1L trial with a doublet/triplet regiment.
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