Revolution Medicines (RVMD – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Alec Stranahan from Bank of America Securities reiterated a Buy rating on the stock and has a $78.00 price target.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Alec Stranahan has given his Buy rating due to a combination of factors including the promising results from Revolution Medicines’ RAS(ON) platform. The company’s recent data from combination therapies demonstrate impressive response rates and manageable safety profiles, particularly in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC). This positions Revolution Medicines as a leader in the field, with the potential for significant market share gains.
Additionally, the company’s robust financial position, with a cash reserve of $2.1 billion, supports the ongoing development of multiple pivotal trials. The data from daraxonrasib and elironrasib combinations further enhance the company’s prospects, showing improved outcomes compared to monotherapy. These factors contribute to the optimistic outlook and the reiterated Buy recommendation with a price objective of $78.
Stranahan covers the Healthcare sector, focusing on stocks such as Novavax, TG Therapeutics, and Crispr Therapeutics AG. According to TipRanks, Stranahan has an average return of -10.2% and a 41.15% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $72.00 price target.