Sep. 11 at 11:15 AM
Needham⬆️the PT on
$RVMD to
$66 from
$56, reiterated at Buy and said, We expect a positive move in
$RVMD following the update provided after the close yesterday supporting initiation of the RASolute 303 Ph 3 of Daraxonrasib in 1L metastatic pancreatic ductal adenocarcinoma.
Mgt for the first time provided data in 1L for both Daraxonrasib monotherapy and Daraxonrasib plus GnP, along with updated 2L data for Daraxonrasib monotherapy.
Key highlights were:
(1) Daraxonrasib mono and combo with GnP showed strong ORR in 1L of 47% and 55%, respectively, supporting Ph 3 expected to initiate in 4Q25,
(2) The Ph 3 design provides opportunity to seek approval for both daraxonrasib monotherapy and
combo with chemo,
(3) Daraxonrasib demonstrated higher mOS of 13.1 - 15.6 months in 2L PDAC patients compared to 1L SoC (8.5-11.7 months).
We increase our estimates for PDAC based on this update and raise our PT to
$66.
