Zacks Investment Research Lowers Revance Therapeutics, Inc. (RVNC) to Hold
Revance Therapeutics, Inc. (NASDAQ:RVNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reiterated a “buy” rating and issued a $50.00 price objective on shares of Revance Therapeutics in a report on Wednesday, September 6th. JMP Securities assumed coverage on Revance Therapeutics in a report on Tuesday, August 22nd. They issued an “outperform” rating and a $34.00 price objective on the stock. BidaskClub upgraded Revance Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Piper Jaffray Companies set a $28.00 price objective on Revance Therapeutics and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, ValuEngine upgraded Revance Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Revance Therapeutics presently has an average rating of “Buy” and a consensus target price of $35.20.
Revance Therapeutics (RVNC) traded down 0.61% during mid-day trading on Friday, reaching $24.60. The company had a trading volume of 260,573 shares. Revance Therapeutics has a 52 week low of $12.35 and a 52 week high of $28.30. The stock’s market capitalization is $758.15 million. The stock has a 50 day moving average of $23.69 and a 200 day moving average of $22.49.
Revance Therapeutics (NASDAQ:RVNC) last announced its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.93) by $0.03. The business had revenue of $0.08 million for the quarter, compared to analyst estimates of $0.05 million. Revance Therapeutics had a negative return on equity of 55.21% and a negative net margin of 32,936.67%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.88) EPS. Analysts anticipate that Revance Therapeutics will post ($3.77) earnings per share for the current year.
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In related news, CEO L Daniel Browne sold 22,800 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was 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 approximately $4,070,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.86% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its holdings in Revance Therapeutics by 29.5% during the 1st quarter. Bank of America Corp DE now owns 7,247 shares of the biopharmaceutical company’s stock worth $151,000 after purchasing an additional 1,651 shares during the period. Legal & General Group Plc increased its holdings in Revance Therapeutics by 8.1% during the 2nd quarter. Legal & General Group Plc now owns 5,815 shares of the biopharmaceutical company’s stock worth $152,000 after purchasing an additional 438 shares during the period. Trexquant Investment LP purchased a new stake in Revance Therapeutics during the 2nd quarter worth about $231,000. American International Group Inc. increased its holdings in Revance Therapeutics by 7.1% during the 1st 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 period. Finally, Voya Investment Management LLC purchased a new stake in Revance Therapeutics during the 2nd quarter worth about $274,000. Hedge funds and other 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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