Overview
- The Wall Street Journal reported AbbVie was in advanced talks to buy Revolution Medicines, sending RVMD to a record intraday high near $105.
- RVMD closed up about 28.6% at $102.71, briefly lifting its market value from roughly $16 billion to nearly $20 billion.
- Trading in Revolution Medicines shares was halted twice during the session due to volatility, according to reports.
- AbbVie told Reuters it was not in discussions with Revolution Medicines, and RVMD fell around 11.5% after hours as ABBV also slipped.
- Attention turns to Revolution Medicines’ scheduled presentation at the J.P. Morgan Healthcare Conference for pipeline and corporate updates.