Short Interest in Revance Therapeutics, Inc. (NASDAQ:RVNC) Drops By 14.2%

Revance Therapeutics, Inc. (NASDAQ:RVNC) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 11,630,000 shares, a decrease of 14.2% from the March 31st total of 13,550,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is presently 6.5 days.

Insider Activity

In other Revance Therapeutics news, insider Dwight Moxie sold 8,125 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $40,950.00. Following the completion of the transaction, the insider now owns 137,815 shares in the company, valued at approximately $694,587.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, President Dustin S. Sjuts sold 9,211 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $46,423.44. Following the sale, the president now owns 167,550 shares in the company, valued at $844,452. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dwight Moxie sold 8,125 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $5.04, for a total transaction of $40,950.00. Following the completion of the transaction, the insider now directly owns 137,815 shares of the company’s stock, valued at $694,587.60. The disclosure for this sale can be found here. Insiders sold 29,089 shares of company stock worth $143,642 over the last quarter. 3.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RVNC. Rubric Capital Management LP acquired a new position in Revance Therapeutics in the 3rd quarter worth about $18,352,000. Invesco Ltd. raised its holdings in Revance Therapeutics by 66.0% in the 3rd quarter. Invesco Ltd. now owns 2,902,440 shares of the biopharmaceutical company’s stock valued at $33,291,000 after buying an additional 1,153,615 shares during the last quarter. CIBC Asset Management Inc boosted its position in Revance Therapeutics by 251.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,147,294 shares of the biopharmaceutical company’s stock worth $10,085,000 after buying an additional 820,587 shares during the period. EULAV Asset Management grew its holdings in Revance Therapeutics by 275.0% during the 3rd quarter. EULAV Asset Management now owns 600,000 shares of the biopharmaceutical company’s stock worth $6,882,000 after acquiring an additional 440,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Revance Therapeutics in the 3rd quarter valued at approximately $4,749,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on RVNC. Needham & Company LLC decreased their target price on Revance Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Piper Sandler lowered their price target on shares of Revance Therapeutics from $42.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Mizuho lowered shares of Revance Therapeutics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.00 to $9.00 in a research report on Monday, January 29th. HC Wainwright reiterated a “buy” rating and issued a $12.00 price target on shares of Revance Therapeutics in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group increased their price target on Revance Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Revance Therapeutics currently has an average rating of “Hold” and an average target price of $13.75.

Revance Therapeutics Stock Performance

Shares of RVNC opened at $3.61 on Wednesday. Revance Therapeutics has a 52-week low of $3.21 and a 52-week high of $37.98. The firm has a market cap of $376.23 million, a price-to-earnings ratio of -0.95 and a beta of 1.06. The business’s fifty day moving average is $4.91 and its 200-day moving average is $6.38.

Revance Therapeutics (NASDAQ:RVNC) last posted its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.17. The company had revenue of $69.80 million during the quarter, compared to the consensus estimate of $64.02 million. As a group, research analysts forecast that Revance Therapeutics will post -2.17 EPS for the current fiscal year.

Revance Therapeutics Company Profile

Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. The company's lead drug candidate is DAXXIFY (DaxibotulinumtoxinA-lanm) for injection for the treatment of glabellar lines and cervical dystonia; has completed phase II clinical trials to treat upper facial lines, moderate or severe dynamic forehead lines, and moderate or severe lateral canthal lines; and has completed Phase II clinical trials for the treatment of adult upper limb spasticity and plantar fasciitis.