Oppenheimer raised the firm’s price target on Revolution Medicines to $43 from $40 and keeps an Outperform rating on the shares. The firm notes Revolution Medicines provided long-awaited clinical updates of ‘6236 at ESMO, highlighting the promising efficacy signals. Following the ESMO presentation, management hosted an investor event and provided additional color on the development plan for ‘6236. Oppenheimer believes the new efficacy updates of ‘6236 provide additional evidence validating the differentiated mechanism of Revolution’s RAS(ON) platform. These updates increase the firm’s estimated probability of success for ‘6236 to 60% vs. 40% prior. As for combinations, Oppenheimer thinks ‘6236 could serve as a backbone regimen for different combination strategies for earlier lines.
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