Revolution Medicines (RVMD) Hits All-Time High on Buyout Buzz; Buyer Denies Talks

We recently published 10 Stocks With Massive Gains; 5 at Record Highs. 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 took path from a report from The Wall Street Journal that it was set to be acquired by AbbVie that could value the former $20 billion, albeit the latter later in the day debunked the report.

At intra-day trading, Revolution Medicines, Inc. (NASDAQ:RVMD) climbed to its highest price of $105 before paring gains to finish the day just up by 28.63 percent at $102.71 apiece. Wednesday’s trading was a significant jump from the near $80 level the day prior.

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 mega deal blowout for the year. Trading in its shares also halted twice due to price volatility.

However, Reuters reported, quoting AbbVie as saying that it was “not in discussions 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 that its Chairman and CEO Mark Goldsmith would participate in the 44th Annual J.P. Morgan Healthcare Conference on Monday, January 12.

Investors will be closely watching out for cues about its outlook for 2026, as well as updates about its pipelines.

While we acknowledge the potential of RVMD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.