Revolution Medicines price target raised to $36 from $34 at Needham

Needham raised the firm’s price target on Revolution Medicines to $36 from $34 and keeps a Buy rating on the shares. The stock has risen 15% over the past ten days in anticipation of efficacy data at ESMO following positive safety data at the Triple meeting, though the ESMO update was “at best in-line with expectations”, and the stock is likely to trade flat to slightly down, the analyst tells investors in a research note. Needham is raising its price target on a higher probability of success for ‘6236 in NSCLC, partially offset by lower probability of success assumed for ‘4630.