JPMorgan ups Revolution Medicines target, adds to Analyst Focus List

JPMorgan raised the firm’s price target on Revolution Medicines to $41 from $35 and keeps an Overweight rating on the shares. The analyst also added the stock to the firm’s Analyst Focus List as a growth idea and placed it on “Positive Catalyst Watch.” Based on the “encouraging” initial activity signal in the February data cut, steady dose escalation to 400mg, and the catalyst-contingent closing of the proposed acquisition of EQRX’s balance sheet, the firm has a “fairly high level confidence”in RMC-6236 emerging with a compelling activity profile with updated results in October. The analyst sees 32%-72% share upside potential on a “differentiated efficacy signal.”