Revolution Medicines falls on pancreatic cancer drug data concerns
RVMD•Revolution Medicines shares fell 8.1% after FDA review documents disclosed objective response rate data for its pancreatic cancer drug Rasonque across RAS-mutant subpopulations. RBC Capital Markets said overall survival is a more meaningful measure and called the selloff an overreaction.
1. FDA review documents
Shares of Revolution Medicines fell 8.1% in afternoon trading after newly released FDA review documents for Rasonque disclosed objective response rate data across RAS-mutant subpopulations. RBC Capital Markets said the stock appeared to be falling in response to those data.
2. RBC’s view
RBC said overall survival, rather than response rates, is the more meaningful measure of benefit and that the selloff overlooks Rasonque’s broad activity across RAS mutations. The firm called the move an overreaction, citing what it described as a highly clinically meaningful benefit and excellent physician feedback. The stock has more than doubled year to date, including the session’s move.
