We recently published 10 Stocks With Massive Gains; 5 at record levels. Revolution Medicines, Inc. (NASDAQ:RVMD) was one of the top performers on Wednesday.
Revolution Medicines soared to a new all-time high on Wednesday, as investors followed a report by The Wall Street Journal that it was being acquired by AbbVie, potentially valuing the former at $20 billion, although the latter later in the day debunked the report.
In intraday trading, Revolution Medicines, Inc. (NASDAQ:RVMD) rose to its highest price of $105 before paring gains to end the day up 28.63 percent at $102.71 apiece. Wednesday’s trading marked a significant jump from the previous day’s level near $80.
Photo by Myriam Zilles on Unsplash
According to WSJ, AbbVie was in advanced talks to acquire Revolution Medicines, Inc. (NASDAQ:RVMD), which would have been the first major deal of the year. Trading in its shares was also halted twice due to price volatility.
However, Reuters reported, quoting AbbVie as saying it was “not in talks with Revolution Medicines.”
Founded in 2014, Revolution Medicines, Inc. (NASDAQ:RVMD) is a late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers.
In an announcement on Monday, the company said its president and CEO, Mark Goldsmith, would participate in the 44th Annual JP Morgan Healthcare Conference on Monday, January 12.
Investors will be watching for signs on its outlook for 2026, as well as updates on its pipelines.
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Disclosure: None. This article was originally published in Internal jumpsuit.