New York, Jan 8, 2026, 05:22 EST — Premarket
Shares of Revolution Medicines fell 9.8% to $92.60 in premarket trading on Thursday, pulling back after a sharp, rumor-driven run-up in the prior session. 1
The whipsaw started after the Wall Street Journal reported AbbVie was in advanced discussions to buy the cancer-drug developer, a deal that could value Revolution at about $20 billion, including a typical takeover premium — the extra paid above the market price. The Journal also said other bidders could be in the mix. 2
AbbVie later said it was not in discussions with Revolution, a denial that knocked Revolution shares down 11.5% in extended trade, after they closed nearly 30% higher. AbbVie also cut its 2025 profit forecast after flagging an expected $1.3 billion charge tied to in-process research and development, and it has spent more than $20 billion on acquisitions since 2023 as it tries to offset revenue pressure after Humira lost patent protection. 3
Analysts were still leaning into the sector’s momentum. Alec Stranahan at BofA Securities raised his price target on Revolution to $98 from $82 and kept a buy rating, writing that the firm thinks “biotech is back, but the biggest concern is whether this will last.” 4
Separately, a Form 144 filing showed Jack Lee Anders — listed as an officer — gave notice of a proposed sale of 10,000 Revolution shares, with the filing referencing a Rule 10b5-1 plan adopted on Dec. 16, 2024. A Form 144 is a notice filed ahead of a potential sale under Rule 144 and does not mean the trade has already happened. 5
Revolution is a clinical-stage oncology company developing targeted therapies aimed at RAS, a family of proteins that can drive tumor growth when mutated. Any deal talk lands on a stock where the story is still mostly about future trial data.
Investors will also have a near-term checkpoint on Jan. 12, when Chief Executive Mark A. Goldsmith is due to present at the J.P. Morgan Healthcare Conference at 10:30 a.m. PT. The conference runs Jan. 12-15 in San Francisco. 6
But the downside case is straightforward: without a formal bid or disclosure, takeover speculation can evaporate. For a company without commercial revenues to cushion the stock, any stumble in clinical testing can hit hard.
