Revance Therapeutics, Inc. (RVNC) Rating Lowered to Hold at Zacks Investment Research
Revance Therapeutics, Inc. (NASDAQ:RVNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” 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. “
A number of other equities analysts also recently issued reports on RVNC. BidaskClub downgraded 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. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $50.00 price target on shares of Revance Therapeutics in a research note on Tuesday, September 26th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $35.20.
Shares of Revance Therapeutics (NASDAQ:RVNC) traded down 1.67% during mid-day trading on Wednesday, reaching $26.45. The company’s stock had a trading volume of 25,525 shares. Revance Therapeutics has a 12 month low of $12.35 and a 12 month high of $28.75. The company’s 50-day moving average is $25.51 and its 200 day moving average is $23.43. The firm’s market cap is $815.16 million.
Revance Therapeutics (NASDAQ:RVNC) last released its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.05 million. During the same period in the prior year, the firm earned ($0.88) earnings per share. Revance Therapeutics’s revenue was up .0% on a year-over-year basis. On average, equities analysts anticipate that Revance Therapeutics will post ($3.61) EPS for the current year.
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In related news, CEO L Daniel Browne sold 7,600 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $23.58, for a total value of $179,208.00. Following the completion of the transaction, the chief executive officer now directly owns 148,450 shares of the company’s stock, valued at $3,500,451. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 18.86% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in Revance Therapeutics by 4.8% in the second quarter. JPMorgan Chase & Co. now owns 3,626,603 shares of the biopharmaceutical company’s stock worth $95,743,000 after purchasing an additional 166,759 shares during the period. Franklin Resources Inc. grew its holdings in Revance Therapeutics by 13.1% in the second quarter. Franklin Resources Inc. now owns 3,375,238 shares of the biopharmaceutical company’s stock worth $89,106,000 after purchasing an additional 391,638 shares during the period. Bank of New York Mellon Corp grew its holdings in Revance Therapeutics by 14.4% in the second quarter. Bank of New York Mellon Corp now owns 2,079,562 shares of the biopharmaceutical company’s stock worth $54,901,000 after purchasing an additional 261,764 shares during the period. Vanguard Group Inc. grew its holdings in Revance Therapeutics by 7.3% in the second quarter. Vanguard Group Inc. now owns 931,623 shares of the biopharmaceutical company’s stock worth $24,595,000 after purchasing an additional 63,505 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Revance Therapeutics by 34.7% in the first quarter. Goldman Sachs Group Inc. now owns 548,650 shares of the biopharmaceutical company’s stock worth $11,412,000 after purchasing an additional 141,400 shares during the period. Institutional investors and hedge funds own 89.32% of the company’s stock.
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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