Bernstein SocGen Group initiated coverage on Revolution Medicines (NASDAQ:RVMD) with a Market Perform rating and a $151 price target. The stock currently trades at $153.73, near its 52-week high.
The firm believes future revenue upside is already priced in. Daraxonrasib is on track for FDA approval in second-line pancreatic cancer by end of 2026.
About 84% of projected risk-adjusted revenue comes from pancreatic cancer. The RASolute-303 trial outcome is crucial.
Bernstein sees a 75% probability of technical success for the trial, but notes a 25% chance of negative results. The company is not expected to be profitable this year.
