Zacks Investment Research Upgrades Revance Therapeutics (RVNC) to Buy

Zacks Investment Research upgraded shares of Revance Therapeutics (NASDAQ:RVNC) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $28.00 price objective on the biopharmaceutical company’s stock.

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 have also issued reports on RVNC. BidaskClub raised Revance Therapeutics from a sell rating to a hold rating in a report on Saturday, July 14th. ValuEngine raised Revance Therapeutics from a buy rating to a strong-buy rating in a report on Thursday, August 2nd. Cantor Fitzgerald set a $50.00 price target on Revance Therapeutics and gave the stock a buy rating in a report on Thursday, August 2nd. JMP Securities lowered Revance Therapeutics from an outperform rating to a market perform rating in a report on Monday, September 17th. Finally, Piper Jaffray Companies reissued a buy rating on shares of Revance Therapeutics in a report on Monday, September 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $46.60.

Shares of RVNC traded down $0.54 during midday trading on Wednesday, reaching $23.46. 180,701 shares of the stock were exchanged, compared to its average volume of 204,329. Revance Therapeutics has a twelve month low of $21.45 and a twelve month high of $37.45.

Revance Therapeutics (NASDAQ:RVNC) last released its quarterly earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.95) by $0.04. Revance Therapeutics had a negative return on equity of 61.45% and a negative net margin of 4,205.52%. The firm had revenue of $2.36 million for the quarter, compared to analyst estimates of $0.49 million. As a group, equities research analysts anticipate that Revance Therapeutics will post -3.83 EPS for the current year.

In other Revance Therapeutics news, insider Cyril Allouche sold 2,188 shares of Revance Therapeutics stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $23.72, for a total value of $51,899.36. Following the sale, the insider now owns 6,938 shares of the company’s stock, valued at approximately $164,569.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.86% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in RVNC. Wells Fargo & Company MN boosted its holdings in Revance Therapeutics by 83.9% in the 1st quarter. Wells Fargo & Company MN now owns 25,635 shares of the biopharmaceutical company’s stock valued at $789,000 after purchasing an additional 11,695 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Revance Therapeutics by 12.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 20,446 shares of the biopharmaceutical company’s stock valued at $630,000 after purchasing an additional 2,274 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Revance Therapeutics by 13.4% in the 1st quarter. California State Teachers Retirement System now owns 40,990 shares of the biopharmaceutical company’s stock valued at $1,262,000 after purchasing an additional 4,858 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Revance Therapeutics in the 1st quarter valued at approximately $189,000. Finally, Allianz Asset Management GmbH boosted its holdings in Revance Therapeutics by 16.5% in the 1st quarter. Allianz Asset Management GmbH now owns 79,437 shares of the biopharmaceutical company’s stock valued at $2,447,000 after purchasing an additional 11,271 shares in the last quarter. 94.42% of the stock is currently owned by institutional investors.

Revance Therapeutics Company Profile

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.

Further Reading: Return on Investment (ROI)

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