Jan. 22 at 1:46 PM
Stifel⬆️
$RVMD's PT to
$170 from
$85, reiterated at a Buy and said, To follow up on our note from last week,
$30B Might Not Be Enough, RVMD's Hand is Looking Stronger Than Ever!
$IMRX $ERAS $AMGN LLY RHHBY
$BMY
Stifel additionally said:
We updated our revenue model (now model
$16.1B by 2035) and are raising our Target Price to
$170 (previously
$85).
In an M&A scenario, our TP values RVMD at ~
$36B and a 4.7x deal value/5-yr forward sales (Stifel estimate), well within historic biotech M&A range (4-5x). In addition to the scarcity value of pan-RAS inhibitors, we believe the RVMD pipeline has a lot of value that is not recognized in 5-yr forward estimates that could give RVMD substantial leverage in M&A negotiations, but also drive meaningful near-term upside should RVMD remain an independent company.
