Revolution Medicines price target raised to $82 from $72 at Guggenheim

Guggenheim analyst Michael Schmidt raised the firm’s price target on Revolution Medicines (RVMD) to $82 from $72 and keeps a Buy rating on the shares after the company presented initial Phase 1 data from RMC-9805 in patients with advanced pancreatic ducal adenocarcinoma, or PDAC, at the EORTC-NCI-AACR Symposium, or “triple meeting.” The firm’s raised target is driven by its “incrementally increased confidence” in the odds of success for RMC-6036 in the ongoing second-line PDAC Phase 3 study following the presentation of updated Phase 1/1b data last week, the analyst tells investors.