Revolution Medicines price target raised to $42 from $41 at Wedbush

Wedbush analyst Robert Driscoll raised the firm’s price target on Revolution Medicines to $42 from $41 and keeps an Outperform rating on the shares after the company reported Q4/FY23 results and honed key guidance around clinical programs. Recall, Revolution Medicines is developing potentially first-in-class therapies for the 20% of cancers that are driven by RAS mutations, uniquely targeting the active, rather than the inactive, form of RAS. Of note, the company remains on track to initiate Phase 3 studies of RAS-mutant 2L/3L NSCLC, and vs GNP/FOLFIRINOX in RAS-mutant 2L PDAC in the second half of 2024.