Revolution Medicines price target raised to $35 from $30 at Oppenheimer

Oppenheimer raised the firm’s price target on Revolution Medicines to $35 from $30 given encouraging clinical proof-of-concept, while keeping an Outperform rating on the shares. The firm notes Revolution Medicines reported Q4 results with $15.3M collaboration revenue, $77.0M OpEx, and $644.9M cash. Importantly, management provided an early look into the ongoing Phase 1/1b study of RMC-6236, showing signs of clinical activity in patients dosed with greater than or equal to40mg and an overall tolerable safety profile. Although the data is preliminary with limited follow-up, Oppenheimer is "encouraged" by the emerging therapeutic window, which it believes provides substantial validation to Revolution Medicines’ platform.