Apr. 20 at 10:54 AM
Stifel⬆️
$RVMD to
$215, and said: We are reiterating our Buy rating & raising our TP to
$215 (previously
$170).
$IMRX VSTM ERAS ANL BBOT
$TNGX
Stifel added—As RVMD now sits at a market cap of >
$30B with almost
$4B in cash on the balance sheet after last week's >
$2B financing, investors are questioning whether near-term M&A is likely or even necessary for this growth story to continue.
Our
$215 TP values RVMD at ~3.7x EV/5yr forward sales (2031E), which is in line with its large-cap biotech peer group (~3.4x).
We model peak sales of~
$19.1B by 2035, which represents ~
$12.6B and ~
$6.4B blended RAS(ON) inhibitor credit across PDAC and NSCLC, respectively.
The AACR meeting is buzzing with excitement surrounding daraxonrasib in PDAC following the RASolute 302 topline last week (see our note here) and 1L PDAC conference abstracts. We urge investors to also tune into the impressive zoldonrasib in 2L+ NSCLC data also presented at the meeting.
