Why Revolution Medicines Stock Surged by 11% Today
More often than not, takeover speculation can give a lively boost -- at least in the short term -- to a company's stock. That was the dynamic behind the nearly 11% price gain of Revolution Medicines (NASDAQ: RVMD) shares on Friday, as a top business newspaper wrote that it's the target of a buyout attempt by a famous peer.
Citing unidentified "people familiar with the matter," the Financial Times published an article after market hours Thursday stating that and Revolution are in discussions for the former to purchase the latter. According to the article's sources, the proposed price of the deal being negotiated ranged from $28 billion to $32 billion for the oncology-focused biotech.
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Source Fool.com
