Zacks Investment Research Upgrades Revance Therapeutics, Inc. (RVNC) to “Buy”
Revance Therapeutics, Inc. (NASDAQ:RVNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $28.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.37% from the company’s previous close.
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 analysts have also issued reports on the stock. BidaskClub lowered shares of Revance Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Piper Jaffray Companies set a $28.00 price target on shares of Revance Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, July 26th. JMP Securities assumed coverage on shares of Revance Therapeutics in a research note on Tuesday, August 22nd. They issued an “outperform” rating and a $34.00 price target for the company. Cantor Fitzgerald restated a “buy” rating and issued a $50.00 price target on shares of Revance Therapeutics in a research note on Wednesday. Finally, ValuEngine upgraded shares of Revance Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $35.20.
Revance Therapeutics (NASDAQ:RVNC) traded down 0.39% on Friday, hitting $25.60. 100,578 shares of the company were exchanged. Revance Therapeutics has a 52-week low of $12.35 and a 52-week high of $28.30. The stock’s market cap is $788.97 million. The firm has a 50 day moving average of $23.54 and a 200-day moving average of $22.34.
Revance Therapeutics (NASDAQ:RVNC) last posted its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.05 million. During the same period in the previous year, the company posted ($0.88) earnings per share. The business’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities analysts expect that Revance Therapeutics will post ($3.77) earnings per share for the current fiscal year.
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In related news, CEO L Daniel Browne sold 22,800 shares of Revance Therapeutics stock in a transaction 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 completion of 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 legal filing with the SEC, which can be accessed through this link. 18.86% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of RVNC. Bank of America Corp DE increased its stake in Revance Therapeutics by 29.5% during the first quarter. Bank of America Corp DE now owns 7,247 shares of the biopharmaceutical company’s stock valued at $151,000 after purchasing an additional 1,651 shares during the last quarter. Legal & General Group Plc increased its stake in Revance Therapeutics by 8.1% during the second quarter. Legal & General Group Plc now owns 5,815 shares of the biopharmaceutical company’s stock valued at $152,000 after purchasing an additional 438 shares during the last quarter. Trexquant Investment LP bought a new stake in Revance Therapeutics during the second quarter valued at $231,000. American International Group Inc. increased its stake in Revance Therapeutics by 7.1% during the first quarter. American International Group Inc. now owns 12,590 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 834 shares during the last quarter. Finally, Voya Investment Management LLC bought a new stake in Revance Therapeutics during the second quarter valued at $274,000. Institutional investors and hedge funds 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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