Shares of Revolution Medicines jumped nearly 29% to an all-time high on heavy volume after The Wall Street Journal reported that AbbVie had expressed takeover interest in the oncology drug developer. The surge, which drove the stock to its highest intraday level on record, reflected heightened investor optimism over the company’s potential valuation in a strategic deal. Trading volume on the day exceeded the 30-day average by more than 200%, underscoring the aggressive buying that pushed shares past prior resistance levels around their 52-week peak.

On January 8, 2026, the FDA awarded Breakthrough Therapy Designation to zoldonrasib, Revolution Medicines’ RAS(ON) G12D-selective inhibitor, for adult patients with KRAS G12D-mutated locally advanced or metastatic non-small cell lung cancer who have failed prior anti-PD-1/PD-L1 and platinum-based regimens. This marks the first designation granted to an investigational drug specifically targeting the G12D mutation in NSCLC. Data from the Phase 1 RMC-9805-001 monotherapy cohort showed objective response rates exceeding 30% and a disease control rate above 70%, with an acceptable safety profile characterized primarily by low-grade gastrointestinal and hepatic adverse events. The designation is expected to accelerate the development timeline and regulatory review of zoldonrasib.

Despite the intraday rally, shares fell 11.5% in after-hours trading once AbbVie publicly denied any acquisition discussions with Revolution Medicines. The swift reversal highlighted the speculative nature of the initial surge and underscored how quickly investor sentiment can shift when deal rumors are refuted. The post-close decline erased roughly half of the day’s gains, leaving the stock still above its pre-rumor levels but signaling increased volatility around news flow and corporate communication.