Revolution Medicines Gains 10%+ on Word of Experimental Anti-Tumor Drug
$Revolution Medicines(RVMD.US$ rose more than 10% Wednesday after the biotech firm reported the discovery and preclinical-to-clinical translation of its anti-tumor drug RMC-6236.
RVMD gained 10.6% to close at $36.50 on word of the experimental drug, which the company disclosed in the publication Cancer Discovery.
Revolution disclosed news of the drug on Tuesday shortly before the market closed, sending shares up 3.4% that day. All in, RVMD has gained 14.4% over the past two sessions.
The biotech said RMC-6236 is currently in a Phase 1/1b clinical trial. Revolution said preclinical studies found RMC-6236 effective in inhibiting the growth of so-called "RAS-dependent" tumor cells while sparing normal tissues.
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