J.P. Morgan analyst Brian Cheng has maintained their bullish stance on RVMD stock, giving a Buy rating yesterday.
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Brian Cheng has given his Buy rating due to a combination of factors that highlight Revolution Medicines’ strong position in the oncology market. One of the key reasons is the company’s lead asset, daraxonrasib, which has been recognized with a Commissioner’s National Priority Voucher (CNPV). This recognition underscores the drug’s potential as a groundbreaking treatment in pancreatic ductal adenocarcinoma (PDAC), offering a significant advantage by shortening the review period and setting it apart from competitors.
Additionally, despite no new data being presented at ESMO, Revolution Medicines maintains a leadership position with multiple pivotal trials underway. The company’s strategic focus on innovation to address unmet medical needs, particularly in the context of G12D mutations in PDAC and NSCLC, further solidifies its competitive edge. This is evidenced by the promising preliminary data from their upcoming RASolute 303 Phase 3 trial, which supports the potential efficacy of daraxonrasib in combination therapies.
According to TipRanks, Cheng is an analyst with an average return of -8.5% and a 44.59% success rate. Cheng covers the Healthcare sector, focusing on stocks such as Allogene Therapeutics, Roivant Sciences, and Ascentage Pharma Group International Unsponsored ADR.
In another report released yesterday, Leerink Partners also reiterated a Buy rating on the stock with a $67.00 price target.