Revolution Medicines price target raised to $147 from $80 at Wedbush

Wedbush raised the firm’s price target on Revolution Medicines (RVMD) to $147 from $80 and keeps an Outperform rating on the shares. The firm notes that several news outlets have reported that Revolution is in talks with multiple parties to be acquired, including AbbVie (ABBV) and most recently Merck (MRK) who reported a valuation of between $28B and $32B was being discussed, but a deal was maybe not imminent and could take a few weeks to be finalized. Given the evolving news cycle, Wedbush is assuming the Financial Times report on Merck is likely accurate.