Revolution Medicines' Pancreatic Cancer Drug Doubles Survival, FDA Plans Speedy Review
RVMD has more than doubled off its 52-week low of $34 on elevated volume (2.3× avg).
Summary
Revolution Medicines announced full Phase 3 results for its pancreatic cancer drug, daraxonrasib, showing it doubled patient survival and reduced the overall risk of death by 60% compared to chemotherapy. The drug also halted or reversed tumor progression in nearly a third of patients. This builds on preliminary positive results from April 13, which had already driven significant stock gains. The FDA has granted expanded access and plans a speedy review, underscoring the drug's potential as a new benchmark for this deadly cancer. The company is also exploring daraxonrasib in earlier-stage disease and combination therapies.
At the time of this announcement, RVMD was trading at $157.71 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $33.5B. The 52-week trading range was $34.00 to $158.13. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.