Revolution Medicines upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Eric Joseph upgraded Revolution Medicines to Overweight from Neutral with a price target of $38, up from $32. In a surprise alongside its Q4 results, Revolution disclosed initial Phase 1 results of RMC-6236, including safety and preliminary response assessments of patients treated at the upper range of dose cohorts, the analyst tells investors in a research note. While drawn for a small sample set so far, the data "substantively derisk" RMC-6236 and to some extent the broader Ras(ON) tri-complex inhibition platform, says the firm. It now sees the potential for ongoing momentum in Revolution shares over the mid-term.