Revolution Medicines price target raised to $38 from $32 at Needham

Needham raised the firm’s price target on Revolution Medicines to $38 from $32 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 results and the management’s update on the first clinical data from a RAS(ON) inhibitor from the Phase 1/1b study of RMC-6236, which showed a "clean safety profile" for doses up to 120mg QD with no grade greater than or equal to3 AEs and no DLTs so far. The firm added that more information with higher doses, more duration, and more patients are needed to better understand the clinical profile of RMC-6236, but the incoming data are "very encouraging".