Revolution Medicines, Inc. (NASDAQ: RVMD) hit a new all-time high on Wednesday after reports of a potential acquisition by AbbVie that could value the company at $20 billion, but AbbVie later denied being in discussions with Revolution Medicines. Intra-day trading saw RVMD reach $105 before closing at $102.71, up 28.63% from the previous day.

AbbVie’s rumored acquisition of Revolution Medicines would have been the first major deal of the year, causing trading in RVMD shares to be halted twice due to price volatility. However, AbbVie later stated that it was not in discussions with Revolution Medicines, according to Reuters.

Revolution Medicines, Inc. (NASDAQ: RVMD) is a late-stage clinical oncology company focused on developing novel targeted therapies for patients with RAS-addicted cancers. The company’s Chairman and CEO, Mark Goldsmith, will participate in the 44th Annual J.P. Morgan Healthcare Conference to discuss the company’s outlook for 2026 and updates on its pipelines.

Read more at Yahoo Finance: Revolution Medicines (RVMD) Hits All-Time High on Buyout Buzz; Buyer Denies Talks