On June 25, Revolution Medicines rose 5.91% in regular trading, trading at $181.92/share, with turnover of approximately $223 million.

The rally follows the company's announcement on June 23 that it has initiated patient dosing in the Rasolute 305 Phase 3 clinical trial, evaluating zoldonrasib in combination with chemotherapy as a first-line treatment for RAS G12D mutant metastatic pancreatic cancer. This marks another expansion of the company's late-stage registrational pipeline, which now includes four global Phase 3 trials across pancreatic cancer and non-small cell lung cancer.

Adding to bullish sentiment, UBS Securities noted that Revolution Medicines' pancreatic cancer revenue could increase by 20% to 40% if positive data emerge from the zoldonrasib and daraxonrasib doublet combination study in second-line metastatic PDAC. UBS is looking for response rates above 40% for the all-oral doublet regimen. Analysts also expect daraxonrasib to be approved and launched quickly following positive FDA commentary. Oppenheimer maintains an Outperform rating with a $195 price target, while the analyst consensus mean target stands at approximately $184.

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