RVMD

Revolution Medicines shares exploded higher today following the announcement of positive Phase 3 results from the RASolute 302 trial, which showed that the drug daraxonrasib doubled overall survival rates to 13.2 months compared to 6.7 months for standard chemotherapy. The clinical success, which also demonstrated a 60% reduction in the risk of death, drove the stock to record highs during the trading session. Following the close of the market, the company announced plans for a $1 billion combined equity and convertible note offering to support its ongoing development efforts.