On Monday, Oppenheimer has increased the stock price target for Revolution (NASDAQ: RVMD) to $60 from the previous $55, while maintaining an Outperform rating on the stock. This adjustment comes after Revolution provided clinical updates on its two key drug candidates, '6236 and '9805, which are being developed for the treatment of pancreatic ductal adenocarcinoma (PDAC).
The company recently presented Phase 1 data on '6236 at a notable triple meeting and also hosted an investor event. The updated Phase 1 data showed further improvement, with the first reported median overall survival (mOS) data indicating that '6236 could significantly change the treatment approach for second-line and beyond (2L+) PDAC.
In addition to '6236, Revolution has shared First-in-Human (FIH) data on '9805, another drug candidate targeting PDAC. The early data demonstrated promising signs of clinical activity and a safety profile that exceeded initial expectations. These developments have contributed to the analyst's positive outlook on the company's prospects.
Following the updates, Revolution also announced the dosing of the first patient in the Phase 3 RASolute-302 study of '6236 for 2L+ PDAC. This milestone was noted on ClinicalTrials.gov prior to the company's announcement.
Oppenheimer's updated model reflects an increased Probability of Success (PoS) estimate for '9805, leading to the new price target of $60. The firm's analyst expressed optimism about the potential for '6236 and '9805 to impact the treatment landscape for PDAC, which has historically been a challenging cancer to treat effectively.
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