Revance Therapeutics, Inc. (RVNC) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Revance Therapeutics, Inc. (NASDAQ:RVNC) from a buy rating to a hold rating in a report issued 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. “
A number of other equities analysts have also commented on the company. Cantor Fitzgerald reiterated a buy rating and issued a $50.00 price objective on shares of Revance Therapeutics in a research note on Wednesday, September 6th. JMP Securities assumed coverage on Revance Therapeutics in a research note 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 research note on Friday, August 18th. Piper Jaffray Companies set a $28.00 price objective on Revance Therapeutics and gave the stock a buy rating in a research note on Wednesday, July 26th. Finally, ValuEngine upgraded Revance Therapeutics from a sell rating to a hold rating in a research note on Friday, June 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $35.20.
Shares of Revance Therapeutics (RVNC) traded down 0.61% on Friday, reaching $24.60. The company had a trading volume of 260,573 shares. The firm’s market capitalization is $758.15 million. The company has a 50-day moving average price of $23.69 and a 200-day moving average price of $22.49. Revance Therapeutics has a 52-week low of $12.35 and a 52-week high of $28.30.
Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.88) earnings per share. Equities research analysts forecast that Revance Therapeutics will post ($3.77) EPS for the current fiscal year.
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In related news, CEO L Daniel Browne sold 22,800 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $22.76, for a total transaction of $518,928.00. Following the transaction, the chief executive officer now directly owns 178,850 shares in the company, valued at $4,070,626. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.86% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. 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 acquiring an additional 438 shares during the period. 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 acquiring an additional 1,651 shares during the period. Trexquant Investment LP bought a new position in Revance Therapeutics during the second quarter valued at about $231,000. Voya Investment Management LLC bought a new position in Revance Therapeutics during the second quarter valued at about $274,000. Finally, 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 acquiring an additional 834 shares during the period. 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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