Zacks Investment Research lowered shares of Revance Therapeutics (NASDAQ:RVNC) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Revance is a Silicon Valley-based biotechnology company. The company is developing a portfolio of products for aesthetic medicine and underserved therapeutic specialties, including dermatology and neurology. Revance’s science is based upon a proprietary TransMTS® peptide technology, which when combined with active drug molecules, may help address current unmet needs. Revance’s initial focus is on developing daxibotulinumtoxinA, the company’s highly purified botulinum toxin, for a broad spectrum of aesthetic and therapeutic indications, including facial wrinkles and muscle movement disorders. The company’s lead drug candidate, DaxibotulinumtoxinA for Injection (RT002), is currently in development for the treatment of glabellar lines and cervical dystonia and has the potential to be the first long-acting neurotoxin. The company holds worldwide rights for all indications of RT002 injectable and RT001 topical and the pharmaceutical uses of the TransMTS technology platform. “
A number of other equities analysts also recently weighed in on RVNC. Cowen set a $55.00 target price on Revance Therapeutics and gave the company a buy rating in a report on Wednesday, January 17th. ValuEngine upgraded Revance Therapeutics from a sell rating to a hold rating in a report on Friday, February 2nd. BidaskClub downgraded Revance Therapeutics from a sell rating to a strong sell rating in a report on Wednesday, February 7th. Cantor Fitzgerald set a $50.00 target price on Revance Therapeutics and gave the company a buy rating in a report on Wednesday, February 28th. Finally, William Blair reiterated an outperform rating on shares of Revance Therapeutics in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Revance Therapeutics currently has a consensus rating of Buy and an average target price of $45.08.
Revance Therapeutics opened at $30.80 on Tuesday, according to Marketbeat Ratings. Revance Therapeutics has a 1 year low of $29.75 and a 1 year high of $30.30.
Revance Therapeutics (NASDAQ:RVNC) last issued its earnings results on Tuesday, May 8th. The biopharmaceutical company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.26). The business had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.15 million. Revance Therapeutics had a negative net margin of 33,807.37% and a negative return on equity of 63.68%. equities research analysts predict that Revance Therapeutics will post -3.89 earnings per share for the current year.
In related news, CEO L Daniel Browne sold 27,283 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $31.43, for a total value of $857,504.69. Following the completion of the sale, the chief executive officer now owns 131,208 shares of the company’s stock, valued at approximately $4,123,867.44. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Lauren P. Silvernail sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $32.00, for a total value of $640,000.00. Following the completion of the sale, the chief financial officer now directly owns 82,954 shares of the company’s stock, valued at approximately $2,654,528. The disclosure for this sale can be found here. In the last three months, insiders sold 98,366 shares of company stock valued at $3,182,947. 18.86% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. grew its stake in shares of Revance Therapeutics by 3.2% in the 4th quarter. Franklin Resources Inc. now owns 3,394,202 shares of the biopharmaceutical company’s stock valued at $121,343,000 after buying an additional 105,424 shares in the last quarter. BlackRock Inc. grew its stake in shares of Revance Therapeutics by 11.2% in the 1st quarter. BlackRock Inc. now owns 2,410,444 shares of the biopharmaceutical company’s stock valued at $74,243,000 after buying an additional 242,233 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Revance Therapeutics by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 2,144,669 shares of the biopharmaceutical company’s stock valued at $76,672,000 after buying an additional 135,356 shares in the last quarter. Millennium Management LLC grew its stake in shares of Revance Therapeutics by 46.8% in the 1st quarter. Millennium Management LLC now owns 1,494,441 shares of the biopharmaceutical company’s stock valued at $46,029,000 after buying an additional 476,209 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Revance Therapeutics by 4,063.7% in the 4th quarter. Alliancebernstein L.P. now owns 907,695 shares of the biopharmaceutical company’s stock valued at $32,450,000 after buying an additional 885,895 shares in the last quarter. 93.67% of the stock is owned by institutional investors and hedge funds.
About Revance Therapeutics
Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacturing, and commercialization of novel botulinum toxin products for various aesthetic and therapeutic indications. The company's drug candidate is DaxibotulinumtoxinA for injection (RT002), which is in phase III clinical trials to treat glabellar (frown) lines, as well as in phase II clinical trials for the treatment of cervical dystonia and plantar fasciitis.
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