RVMD - Evolution in Motion - Daraxon Closing in on PDAC and RAS-Mutant Cancers; Assume Coverage & Raise PT to $179

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RVMD - Evolution in Motion - Daraxon Closing in on PDAC and RAS-Mutant Cancers; Assume Coverage & Raise PT to $179

Truist Securities

Equity Research Report May 18, 2026

HEALTHCARE: Biotech Revolution Medicines, Inc. (RVMD)

RVMD - Evolution in Motion - Daraxon Closing in on PDAC and Gregory Renza, M.D.

212-419-4617 RAS-Mutant Cancers; Assume Coverage & Raise PT to $179

Gregory.Renza@truist.com

Supawat Thongthip, Ph.D. We assume coverage with a Buy rating. We view daraxon as the leading anchor across

212-401-4429 RAS-mutant cancers, starting with PDAC where it could capture >70% of the addressable

Supawat.Thongthip@truist.com market. We highlight RVMD's first-in-class positioning, high efficacy barrier, and broad trial

footprint, as supporting a durable moat and competitive offense. We next look to ASCO data

Anish Nikhanj, Ph.D. to potentially reinforce RVMD's momentum ahead of a likely near-term 2L PDAC approval

212-326-3106 and upside from a faster path to 1L. Collectively, daraxzon's potential emergence as the

Anish.Nikhanj@truist.com next mega-blockbuster, alongside zoldon/eliron as credible follow-ons, form the core pillars

of our refreshed thesis. PT to $179 from $116.

Stock Rating BUY Becoming the next oncology titan. In our view, RVMD is evolving into a major revenue-

Unchanged generating oncology company, with daraxonrasib ("daraxon") emerging as one of the most

important drugs in PDAC and broader RAS-mutant cancers this decade. We believe the

Price Target $179.00 company is building durable competitive moats in the RAS landscape with growing halo

↑ effect that could support potential faster trial execution, regulatory engagement, and payer/

from access flexibility. While the current valuation is rich, we believe the company's long-