Revolution Medicines price target raised to $35 from $31 at Needham

Needham analyst Ami Fadia raised the firm’s price target on Revolution Medicines to $35 from $31 and keeps a Buy rating on the shares. The company’s EQRx acquisition provides external validation on RAS(ON) Inhibitor drug programs, since it sounded like EQRx was privy to some non-public clinical data as part of its due diligence, the analyst tells investors in a research note. Needham adds that the updates on the RAS(ON) programs were also incrementally more positive, particularly on RMC-6236.