JPMorgan Boosts Price Target to $122, Flags H1 2026 Daraxonrasib Readout
JPMorgan added an Overweight rating to Revolution Medicines and placed it on a Positive Catalyst Watch ahead of the H1 2026 RASolute 302 readout for daraxonrasib in second-line PDAC. The firm predicts median overall survival of 9–10 months and a hazard ratio around 0.65, boosting its price target to $122.
1. JPMorgan Overweight Rating and Catalyst Watch
The firm added an Overweight rating and placed Revolution Medicines on its Positive Catalyst Watch list in anticipation of the RASolute 302 second-line pancreatic ductal adenocarcinoma readout expected in H1 2026.
2. Daraxonrasib Readout Expectations
JPMorgan projects daraxonrasib will achieve median overall survival of 9–10 months and a hazard ratio in the mid-0.6 to low-0.7 range versus chemotherapy benchmarks, highlighting what it sees as a high-conviction catalyst for the stock.
3. Analyst Price Target Increases
The price target was raised by roughly 33% to $122 after model updates, while another firm doubled its target from $75 to $150 citing potential acquisition interest and upcoming milestones.
4. Stock Performance and Valuation Context
Shares have climbed over 140% in the past year and 28% this year but trade about 18% below the 52-week high of $124.50, reflecting elevated expectations around the daraxonrasib readout.