Stanley Druckenmiller’s family office significantly increased its stake in Revolution Medicines (NASDAQ: RVMD) during the second quarter, and the biotech company delivered a major catalyst this week: full FDA approval of its pancreatic cancer drug daraxonrasib, branded as Rasonque.
The approval, announced Wednesday, sent Revolution Medicines shares surging. The stock has now gained 178% year to date, compared with a gain of less than 13% for the S&P 500.
According to regulatory filings, Druckenmiller’s family office boosted its Revolution Medicines position by 26.5% in the second quarter of 2026, after initiating the stake in the prior quarter. Druckenmiller, who ran Duquesne Capital Management for 30 years and delivered average annual returns of roughly 30% without a single losing year through the dot-com bust and the 2008 financial crisis, closed the fund in 2010 and now manages his personal and family wealth through the Duquesne Family Office. His moves are closely watched by investors.
The FDA approval came at remarkable speed. Revolution Medicines submitted its application just weeks ago and received the green light through the Commissioner’s National Priority Voucher (CNPV) program, an initiative launched last year to cut the typical ten-month to one-year FDA review timeline to a matter of weeks. The company received one of the limited vouchers shortly after filing.
Rasonque is a once-daily oral treatment for adults with metastatic pancreatic cancer who have received prior systemic therapy or are ineligible for combination therapy. It works by blocking multiple forms of the RAS protein, which acts as an on-off switch for cell growth and is mutated in many cancers, using a novel “molecular glue” mechanism.
Revolution Medicines CEO Mark Goldsmith called the approval “a monumental step forward for patients with pancreatic cancer and for the oncology field,” adding that it “further validates our bold RAS(ON) inhibitor strategy.”
Pancreatic cancer is notoriously difficult to treat, creating significant demand for new therapies. Analysts at RBC Capital Markets estimate Rasonque could generate $28 million in sales this quarter and reach $11.5 billion in annual global sales. In early July, the European Medicines Agency granted the drug an accelerated review, and approvals in other jurisdictions could follow soon.
Beyond pancreatic cancer, Revolution Medicines is evaluating Rasonque in late-stage trials for non-small cell lung cancer. The company’s pipeline also includes zoldonrasib and elironrasib in late-stage development, as well as RMC-5127 in early-stage testing for solid tumors. With RAS mutations estimated to occur in 30% of all solid tumors, the company is actively pursuing label expansions.
Despite the stock’s massive run, Wall Street analysts remain cautious on near-term upside. Of the 22 analysts surveyed by S&P Global in August, 21 rated Revolution Medicines a “buy” or “strong buy,” but the consensus 12-month price target implies only about 7% upside from current levels.
Druckenmiller’s decision to add to his position at all-time highs stands in contrast to that conservative stance. Market observers generally believe the legendary investor is focused on the long-term value of the company’s pipeline rather than short-term price moves. With Rasonque now approved, Revolution Medicines has transitioned from a pre-commercial biotech to a company with an approved product, and label expansions plus European approval will be key catalysts ahead.
For investors, Druckenmiller’s increased stake sends a clear signal: the billionaire is willing to pay a premium for long-term growth potential, and Revolution Medicines’ RAS inhibitor platform could be the next breakout story.
