NEW YORK, June 1, 2026, 06:05 (EDT)
Revolution Medicines Inc shares gained in early U.S. premarket trading Monday after late-stage trial results reported its experimental pill for pancreatic cancer almost doubled survival against chemo. RVMD was last seen at $157.48, up $2.93, or 1.9%, ahead of the regular Nasdaq open. The company’s market cap hovered at about $31.2 billion. Nasdaq’s 2026 calendar does not list June 1 as a holiday—Memorial Day shows May 25 and Juneteenth June 19 as closures.
Revolution announced the Phase 3 RASolute 302 data on Sunday at the American Society of Clinical Oncology meeting, saying the results hit the New England Journal of Medicine that same day. The timing gave investors a deeper look at the data driving the stock since the top-line update in April.
Phase 3 trials are big, late-stage studies aimed at getting a drug across the regulatory finish line. In this one, with 500 patients, daraxonrasib had a median overall survival of 13.2 months. That compared to 6.7 months for chemo. The hazard ratio came in at 0.40, meaning patients on daraxonrasib saw a 60% drop in death risk during the trial.
Daraxonrasib gave a median progression-free survival of 7.2 months in the overall group, compared to 3.6 months with chemo, Dana-Farber Cancer Institute reported. “If approved, this would be a dramatic shift in pancreatic cancer treatment,” said Dr. Brian Wolpin, the trial’s lead investigator from Dana-Farber. Dana-Farber Cancer Institute
Daraxonrasib is aimed at RAS, a gene family linked to cell growth. Mutations in RAS are found in over 90% of pancreatic cancers. The target was seen as tough for years, since RAS proteins are hard for drugs to bind.
Revolution chief executive Mark Goldsmith is shifting focus from trial results to drug access. Goldsmith told STAT on May 30 that the company started shipping its unapproved drug under expanded access. The FDA pathway allows certain seriously ill patients to get an investigational therapy outside a trial. “We are now shipping the drug,” Goldsmith said. STAT
The share move makes sense. Revolution is still a late-stage biotech, without an approved drug. The market is betting on daraxonrasib as its first commercial medicine, since there are no current sales. Revolution said it will send the data to the FDA in a New Drug Application, using a Commissioner’s National Priority Voucher.
The excitement spread beyond the company itself. “It ticks all of the boxes,” Dr. Rachna Shroff, a pancreatic cancer specialist at University of Arizona Cancer Center and expert at ASCO, told Reuters, citing the survival and risk-reduction results. Reuters noted Revolution’s stock jumped 40% after the initial April readout, so some optimism was already priced in ahead of Monday’s premarket. Reuters
Daraxonrasib showed fewer high-grade side effects than chemo, Revolution said. Grade 3 or worse treatment-related adverse events happened in 43.6% of patients getting daraxonrasib, compared to 57.5% for those on chemotherapy. Rash and stomatitis were the most common severe problems with daraxonrasib. There was one death tied to treatment-related pneumonitis in the daraxonrasib group.
The competitive picture is still unclear. Amgen’s Lumakras and Bristol Myers Squibb’s Krazati both target the G12C KRAS mutation, but Revolution claims daraxonrasib is wider because it goes after the active “on” state of RAS. Gilead Sciences is keeping an eye on the RAS space too. “There is an opportunity to innovate even further,” Gilead chief medical officer Dietmar Berger told Fierce Biotech at ASCO. Fierce Biotech
Downside risks are spelled out. Revolution in its latest quarterly report says it has no approved products, no product revenue so far, and it sees losses lasting for years. The company also hasn’t submitted a New Drug Application to the FDA before and warns even positive trials may not get the green light.
The question this week is if buyers still want to pay up for a clearer regulatory setup, or if they think the ASCO data is fully in the price. The stock doesn’t have much room for missteps at these levels. Delays in FDA review, a limited label, manufacturing issues or any new tolerability worries could all hit the stock on its next move.
