RVMD - Why Revolution Medicines Stock Is Crashing Today
2023-10-23 12:04:10 ET
Shares of Revolution Medicines (NASDAQ: RVMD) were crashing 42.5% lower as of 11:13 a.m. ET on Monday. The steep decline came after the oncology company presented results on Sunday for RMC-6236 from a phase 1 study targeting the treatment of non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC) at the European Society for Medical Oncology (ESMO) Congress held in Madrid, Spain.
Expectations appeared to be high for Revolution Medicines and for RMC-6236 going into ESMO, as evidenced by the biotech stock soaring to more than 40% year to date last week. However, the data for RMC-6236 didn't meet those expectations.
Revolution reported that 37.5% of patients with NSCLC responded to treatment with RMC-6236. However, three of the 14 partial responses were unconfirmed. With those unconfirmed responses excluded, the objective response rate was only 30%.
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Why Revolution Medicines Stock Is Crashing Today