RVMD hit a record high out of the gate
Revolution Medicines Inc (NASDAQ:RVMD) stock is brushing off the broad market selloff this morning, last seen up 35.5% to trade at $131.35, and earlier hitting a record high of $135.81. The biotech firm announced its pancreatic cancer pill daraxonrasib cut death risk by 60% in Phase 3 trials. In response, Leerink and Guggenheim hiked their price targets to $147 and $174 from $115 and $160, respectively.
Now up 67% in 2026, the shares are headed for their best single-session gain on record. RVMD has spent most of 2026 trading in a tight range after massive bull gaps in the first two weeks of the year.
A short squeeze could keep the wind at the equity's back. Short interest is up nearly 6% in the two most recent reporting periods, and the 14.46 million shares sold short account for 7.6% of the stock's total available float. At RVMD's average pace of trading, it would take shorts nearly a full trading week to buy back their bearish bets.
Despite limited overall volume, options traders had been betting bearishly in the last two weeks. The equity's 10-day put/call volume ratio of 1.03 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 87% of readings from the past year.
Today, the skew leans toward calls. So far, 7,597 calls have already changed hands, volume that's 12 times the average intraday amount. The June 90 call is the most popular, followed by the April 135 call.