Revolution Medicines price target raised to $47 from $37 at Stifel

Stifel raised the firm’s price target on Revolution Medicines (RVMD) to $47 from $37 and keeps a Buy rating on the shares ahead of the company presenting data next month for RMC-6236 at two medical meetings. The firm has “become more bullish here” as dose escalation has progressed well beyond the doses provided in the initial disclosure and believes the recently announced deal to acquire EQRx (EQRX) in an all-stock transaction “implies that (management) is confident into near-term updates,” the analyst tells investors.