May. 7 at 12:06 PM
Needham⬇️
$RVMD's PT to
$183 (was
$186), reiterated at Buy, and said: The 1Q26 EPS of -
$2.29 came in lower than cons. of -
$1.64, driven by higher than expected SG&A (-
$46.3M var) and R&D (-
$67.4M var).
$IMRX $ERAS BBOT TGNX ANL VSTM
Needham added—This was attributed to an update in the company's equity compensation program that resulted in an increase in the stock-based compensation (+
$44.6M) which also increased the full year 2026 stock-based expense to be between
$260 - 280M (~+
$80M) and FY 2026 GAAP to be
$1.7-1.8B (previously
$1.6-1.7B).
The other new update this quarter was an increase in the enrollment number for RASolute 301 (Dara in 2L NSCLC) from 420 to 590 patients to increase the powering on OS (dual PE), although this does not change the timing of the study with enrollment substantially expected to complete in 2026.
We update our model for the quarter and for the new OPEX guidance, which lowers our PT slightly to
$183. Reiterate Buy.
