Revance Therapeutics, Inc. (RVNC) Now Covered by Cantor Fitzgerald
Equities researchers at Cantor Fitzgerald initiated coverage on shares of Revance Therapeutics, Inc. (NASDAQ:RVNC) in a research report issued to clients and investors on Thursday. The brokerage set a “buy” rating and a $50.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 119.30% from the company’s previous close.
The analysts wrote, “Glabellar lines (aesthetic). If approved, Revance’s product would target an ~ $1B opportunity in glabellar lines. We expect positive Phase 3 data from Sakura 1 & 2 in 4Q17. Revance already reported positive Phase 2 data in 2015. The BELMONT Phase 2 study achieved a 6-month duration of effect, which is longer than currently approved glabellar line treatments that last 3-4 months. One of those products is Allergan’s Botox, which had 2016 worldwide sales of $2.8B for all indications. Revance also plans to explore applications of its product to other areas of the face.””
A number of other research firms have also recently commented on RVNC. ValuEngine raised Revance Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Aegis reissued a “buy” rating and issued a $28.00 price target on shares of Revance Therapeutics in a report on Monday, May 1st. BidaskClub raised Revance Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Zacks Investment Research cut Revance Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $33.67.
Shares of Revance Therapeutics (RVNC) traded up 0.22% during midday trading on Thursday, reaching $22.80. 177,389 shares of the company were exchanged. The company has a 50 day moving average price of $24.83 and a 200-day moving average price of $21.75. Revance Therapeutics has a 12-month low of $12.35 and a 12-month high of $28.30. The stock’s market capitalization is $690.22 million.
Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.94) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.84) by $0.10. Revance Therapeutics had a negative return on equity of 50.01% and a negative net margin of 32,179.33%. The business had revenue of $0.08 million during the quarter, compared to analysts’ expectations of $0.07 million. During the same period in the prior year, the firm posted ($0.71) earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. On average, analysts forecast that Revance Therapeutics will post ($3.92) earnings per share for the current fiscal year.
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In other news, CEO L Daniel Browne sold 19,713 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $20.35, for a total transaction of $401,159.55. Following the sale, the chief executive officer now directly owns 183,932 shares of the company’s stock, valued at approximately $3,743,016.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Lauren P. Silvernail sold 1,793 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.20, for a total value of $36,218.60. Following the sale, the chief financial officer now directly owns 36,566 shares in the company, valued at $738,633.20. The disclosure for this sale can be found here. Insiders have sold a total of 33,793 shares of company stock worth $685,576 over the last ninety days. Insiders own 18.86% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of Revance Therapeutics by 29.5% in the first quarter. Bank of America Corp DE now owns 7,247 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 1,651 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Revance Therapeutics during the fourth quarter valued at about $174,000. American International Group Inc. boosted its stake in shares of Revance Therapeutics by 7.1% in the first quarter. American International Group Inc. now owns 12,590 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 834 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Revance Therapeutics by 5.9% in the first quarter. Parametric Portfolio Associates LLC now owns 27,401 shares of the biopharmaceutical company’s stock valued at $570,000 after buying an additional 1,524 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Revance Therapeutics by 6.8% in the first quarter. Swiss National Bank now owns 32,850 shares of the biopharmaceutical company’s stock valued at $683,000 after buying an additional 2,100 shares during the period. 87.29% of the stock is currently owned by institutional investors and hedge funds.
Revance Therapeutics Company Profile
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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