Profit-taking pulls RVMD lower after FDA approval rally to near record highs
- RVMD closed Aug 27 at $221.15 (+2.65%), near 52-week high of ~$224 after FDA approval of Rasonque (daraxonrasib) announced ~Aug 26.
- Approval marks first broad RAS-targeted medicine for previously treated metastatic pancreatic cancer; Phase 3 data showed 60% death risk reduction, OS of 13.2 vs 6.7 months.
- Multiple analysts raised price targets post-approval (e.g. Wedbush to $225, JPM to $246, Evercore to $320), citing revenue potential.
- Stock up >175% YTD and nearly 5x in past year on pipeline progress, prompting natural profit-taking with no new negative news.
- Company set list price at $39,800 per 30-day supply; some reports noted potential reimbursement/affordability considerations.
- Recent insider sales by executives (including CEO) around $210 levels added modest share supply pressure.
- Biotech sector rotation noted in recent sessions but RVMD had outperformed on its specific catalyst.
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