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.
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.
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.
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.” Futu News+1
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.
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.
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.
