Revolution Medicines Stock Surges 132% on Daraxonrasib Trial Data
Revolution Medicines (RVMD) shares up 132% YTD. Daraxonrasib beat chemo in pancreatic cancer (13.2 vs 6.7 months median OS). Company has no marketed products and a $39B valuation.
Shares of Revolution Medicines (NASDAQ: RVMD), a clinical-stage drugmaker, have gained 132% this year, easily outpacing the returns of leading pharmaceutical companies such as Eli Lilly (NYSE: LLY), Johnson & Johnson (NYSE: JNJ), and AbbVie (NYSE: ABBV). The company is developing drugs that target cancer-driving proteins once considered "undruggable," offering the potential to precisely block the genetic errors that fuel tumors and create new treatment options for patients with hard-to-treat cancers.
Revolution Medicines' clinical trial results have been outstanding so far, particularly for its leading candidate, daraxonrasib. Daraxonrasib beat the current standard of care, cytotoxic chemotherapy, in a head-to-head study in patients with metastatic pancreatic cancer. Daraxonrasib posted a median overall survival rate -- an important endpoint in cancer clinical trials -- of 13.2 months, versus 6.7 months with cytotoxic chemotherapy. The medicine is expected to generate well over $1 billion in sales at its peak. Revolution Medicines has several other promising candidates in the pipeline.
The company is worth $39 billion despite having no products on the market and being consistently unprofitable.