Revolution Medicines falls on pancreatic cancer drug data concerns
BUZZ-Revolution Medicines falls on pancreatic cancer drug data concerns ** Shares of Revolution Medicines RVMD.O down 8.1% at $185.91 in afternoon trading
** RBC Capital Markets says stock looks to be down in response to newly released US FDA review documents for company's pancreatic cancer drug, Rasonque, particularly the objective response rate data disclosed across RAS mutant subpopulations
** RBC says overall survival, not response rates, is the more meaningful measure of benefit and that the selloff overlooks Rasonque's broad activity across RAS mutations
** RBC says "while we acknowledge that the downside today is on the backdrop of a weak biotech tape, we still think the move on FDA review documents is an overreaction given a drug that is approved on a highly clinically meaningful benefit, with excellent physician feedback"
** Including session moves, stock has more than doubled YTD
(Reporting by Siddhi Mahatole)
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Revolution Medicines falls on pancreatic cancer drug data concerns