Revolution Medicines rises on FDA's orphan tag for pancreatic cancer drug

Shares of drug developer Revolution Medicines RVMD.O rise 3.1% to $56.21 premarket

Co says U.S. FDA grants orphan drug status to experimental treatment daraxonrasib for pancreatic cancer

FDA grants orphan drug status to promote drug development for rare diseases affecting fewer than 200,000 people in the U.S.

Daraxonrasib blocks RAS mutations found in over 90% of pancreatic cancer cases - RVMD

Co says drug is being tested in late-stage trial for second-line metastatic pancreatic cancer

Up to last close, stock up ~25% YTD