Needham Keeps Buy Rating on Revolution Medicines (RVMD) Despite Wider Loss

Tom Steyer ranks among the list of the richest hedge fund managers in the world. Revolution Medicines, Inc. (NASDAQ:RVMD) is Tom Steyer’s largest holding, accounting for 5.26% of the billionaire’s total portfolio.

In response to the company’s first-quarter 2026 results, Needham reduced its price target for Revolution Medicines, Inc. (NASDAQ:RVMD) to $183 from $186 on May 7, keeping a Buy rating on the stock.

The company’s loss per share came in at $2.29, falling short of the consensus forecast of a loss of $1.64. The shortfall was caused by higher-than-expected marketing, general, and administrative costs of $46.3 million, as well as R&D costs of $67.4 million.

Meanwhile, the company hiked its full-year 2026 stock-based expense projection to around $260 million and $280 million, representing an increase of about $80 million.

Revolution Medicines, Inc. (NASDAQ:RVMD) also stated that enrollment in its RASolute 301 study, which is investigating Dara in second-line non-small cell lung cancer, has increased from 420 to 590 patients, thereby increasing the statistical impact on overall survival, a dual primary objective. According to the company, the adjustment has no bearing on the study’s timeline, which is projected to be completed in large part by 2026.

Revolution Medicines, Inc. (NASDAQ:RVMD) is a clinical-stage precision oncology company that develops novel targeted therapies. It discovers and develops cancer treatments through novel combination and monotherapy treatment regimens that enhance clinical benefits.

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