Revolution Medicines reaches record on strong pancreatic cancer trial results

Revolution Medicines

14/04/2026 17:53

** Revolution Medicines' RVMD.O shares up 5.9% at $144.35 on Tues to new record highs after strong survival data for its pancreatic cancer drug

** RVMD shares surged 41% to notch a record high close of $136.30 on Mon after co said its experimental pill, daraxonrasib, helped patients live nearly twice as long as those treated with chemotherapy in a keenly anticipated late-stage trial

** After market close on Mon, RVMD announced public offerings of $750 mln in stock and $250 mln of 7-yr convertible bonds

** Co intends to use net proceeds from offerings for general purposes, including R&D, expenses relating to potential commercialization of product candidates, among other uses

** JP Morgan, TD Cowen and Guggenheim Securities joint bookrunners

** Redwood City, California-based RVMD has ~198.2 mln shares outstanding for $27 bln current market cap as of Mon

** Wall Street upbeat on daraxonrasib with some analysts saying the data de-risks ongoing studies and could support broader use

** Of 21 analysts covering the stock, 9 rate "strong buy", 12 rate "buy"; median PT of $162 up from $140 a month ago, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))