As previously reported, BofA upgraded Revolution Medicines to Buy from Neutral with a price target of $34, up from $31, citing growing confidence in the company’s RAS(ON) platform heading into additional data updates in 2024. With RMC-6236 yielding an ORR of 38% in an ESMO readout of NSCLC responses, the firm sees “a strong case for ‘6236 efficacy in this patient population and line of therapy,” the analyst tells investors. Recent positive data are helping to increase likelihood of success of key pipeline assets, the analyst added.
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