Oppenheimer raised the firm’s price target on Revolution Medicines (RVMD) to $40 from $35 and keeps an Outperform rating on the shares. Revolution’s proposed acquisition of EQRx Inc. (EQRX) in an all-stock transaction adds over $1B cash to the balance sheet, which the firm expects to accelerate and optimize development of Revolution’s differentiated RAS(ON) pipeline assets. Oppenheimer believes this deal reflects an advantageous fundraising approach for Revolution as EQRx was undergoing a strategic reprioritization since May, and the company plans to continue focusing on its own programs rather than integrating any EQRx pipeline assets.
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Read More on RVMD:
- Revolution Medicines price target raised to $35 from $31 at Needham
- Revolution Medicines, Inc. to Acquire EQRx, Inc. in All-Stock Transaction to Gain More Than $1 Billion in Additional Capital
- Revolution Medicines to acquire EQRx in all-stock transaction
- Revolution Medicines to Participate in Upcoming Investor Conferences
