Revance Therapeutics, Inc. (NASDAQ:RVNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
RVNC has been the topic of a number of other research reports. Cantor Fitzgerald reiterated a “buy” rating and set a $50.00 price target on shares of Revance Therapeutics in a report on Tuesday, September 26th. BidaskClub upgraded shares of Revance Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Piper Jaffray Companies set a $28.00 price target on shares of Revance Therapeutics and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, JMP Securities initiated coverage on shares of Revance Therapeutics in a report on Tuesday, August 22nd. They set an “outperform” rating and a $34.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $35.20.
Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.93) by $0.03. Revance Therapeutics had a negative net margin of 32,936.67% and a negative return on equity of 55.21%. The firm had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.05 million. During the same quarter in the prior year, the company posted ($0.88) earnings per share. The business’s revenue for the quarter was up .0% on a year-over-year basis. Analysts expect that Revance Therapeutics will post ($3.61) EPS for the current fiscal year.
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In related news, CEO L Daniel Browne sold 22,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $22.76, for a total value of $518,928.00. Following the sale, the chief executive officer now owns 178,850 shares in the company, valued at $4,070,626. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.86% of the company’s stock.
A number of hedge funds have recently modified their holdings of RVNC. Swiss National Bank boosted its holdings in Revance Therapeutics by 6.8% in the first quarter. Swiss National Bank now owns 32,850 shares of the biopharmaceutical company’s stock worth $683,000 after purchasing an additional 2,100 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Revance Therapeutics by 5.9% in the first quarter. Parametric Portfolio Associates LLC now owns 27,401 shares of the biopharmaceutical company’s stock worth $570,000 after purchasing an additional 1,524 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Revance Therapeutics in the first quarter worth approximately $739,000. American International Group Inc. boosted its holdings in Revance Therapeutics by 7.1% in the first quarter. American International Group Inc. now owns 12,590 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 834 shares during the last quarter. Finally, FMR LLC boosted its holdings in Revance Therapeutics by 216.9% in the first quarter. FMR LLC now owns 316,900 shares of the biopharmaceutical company’s stock worth $6,592,000 after purchasing an additional 216,900 shares during the last quarter. Institutional investors own 89.32% of the company’s stock.
About Revance Therapeutics
Revance Therapeutics, Inc is a clinical-stage biotechnology company. The Company is focused on the development, manufacturing and commercialization of botulinum toxin products for multiple aesthetic and therapeutic indications. Its peptide technology enables delivery of botulinum toxin type A through two investigational drug product candidates, DaxibotulinumtoxinA for Injection (RT002), or RT002 injectable, and DaxibotulinumtoxinA Topical Gel (RT001), or RT001 topical.
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