Revance Therapeutics (NASDAQ:RVNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research 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. “
Other equities research analysts have also recently issued research reports about the company. BidaskClub upgraded Revance Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Cantor Fitzgerald set a $50.00 price target on Revance Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, December 13th. Mizuho assumed coverage on Revance Therapeutics in a research note on Thursday, November 16th. They set a “buy” rating and a $37.00 price target for the company. Barclays assumed coverage on Revance Therapeutics in a research note on Monday, November 27th. They set an “overweight” rating and a $31.00 price target for the company. Finally, ValuEngine upgraded Revance Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.30.
In related news, CEO L Daniel Browne sold 7,600 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $24.94, for a total transaction of $189,544.00. Following the transaction, the chief executive officer now owns 133,188 shares of the company’s stock, valued at $3,321,708.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 18.86% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Revance Therapeutics by 6.7% during the fourth quarter. Bank of New York Mellon Corp now owns 2,144,669 shares of the biopharmaceutical company’s stock worth $76,672,000 after acquiring an additional 135,356 shares during the period. Vanguard Group Inc. grew its holdings in Revance Therapeutics by 7.3% during the second quarter. Vanguard Group Inc. now owns 931,623 shares of the biopharmaceutical company’s stock worth $24,595,000 after acquiring an additional 63,505 shares during the period. Alliancebernstein L.P. grew its holdings in Revance Therapeutics by 4,063.7% in the fourth quarter. Alliancebernstein L.P. now owns 907,695 shares of the biopharmaceutical company’s stock valued at $32,450,000 after purchasing an additional 885,895 shares during the last quarter. Jennison Associates LLC grew its holdings in Revance Therapeutics by 127.1% in the fourth quarter. Jennison Associates LLC now owns 857,536 shares of the biopharmaceutical company’s stock valued at $30,657,000 after purchasing an additional 480,008 shares during the last quarter. Finally, State Street Corp grew its holdings in Revance Therapeutics by 0.6% in the second quarter. State Street Corp now owns 452,490 shares of the biopharmaceutical company’s stock valued at $11,944,000 after purchasing an additional 2,637 shares during the last quarter. 77.84% of the stock is currently owned by hedge funds and other institutional investors.
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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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