Revolution Medicines Inc (RVMD)

Shares of Revolution Medicines (RVMD) dropped by 34.38% from $27.97 to $18.36 in the trading on Monday, October 23, 2023. The reason why RVMD stock down is due to the release of data from their RMC-6236 phase 1 study targeting NSCLC and PDAC treatment at the ESMO Congress in Madrid. Expectations were high, with RVMD's stock having risen over 40% year-to-date just the previous week. However, RMC-6236's performance disappointed, with an objective response rate of only 30% in NSCLC after unconfirmed responses were excluded. In PDAC, only 19.6% of patients achieved a partial response, with four of them being unconfirmed. RVMD's CEO expressed confidence in RMC-6236, but analyst Jonathan Chang noted that the results may have fallen short of investor expectations.