RVMD - Why Shares of Revolution Medicines Were Popping on Friday
2023-10-13 14:54:35 ET
Shares of Revolution Medicines (NASDAQ: RVMD) were up more than 20% as of 2 p.m. ET after the company announced positive phase 1/1b trial data for two cancer therapies. The clinical-stage biotech's stock is up more than 22% so far this year.
Revolution focuses on oncology therapies that involve mutant RAS proteins that are crucial in cellular networks in certain cancers. According to Revolution, RAS-addicted cancers account for nearly 55,000 diagnosed patients in the U.S. each year, mainly those with pancreatic cancer, non-small cell lung cancer, and colon cancer.
On Friday, the healthcare company announced positive clinical data on RMC-6236 and RMC-6291 as monotherapies. The drugs are RAS(ON) inhibitors that the company said showed were well tolerated and had a good safety profile at doses that were expected to reduce tumors and spark molecular responses.
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Why Shares of Revolution Medicines Were Popping on Friday