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Why is Revolution Medicines Inc (RVMD) Stock down?

We've noticed a 5.31% decline in Revolution Medicines Inc (RVMD) stock during the 2024-10-21 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
23 Oct, 2023:

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.

$70.68
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$18.62
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$36.06
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$364.60
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$196.58
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$102.64
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