Zacks Investment Research Upgrades Revance Therapeutics, Inc. (RVNC) to “Buy”
Zacks Investment Research upgraded shares of Revance Therapeutics, Inc. (NASDAQ:RVNC) from a sell rating to a buy rating in a report published on Wednesday, August 9th. They currently have $25.00 price objective on the biopharmaceutical company’s stock.
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 analysts have also issued research reports about the stock. Cantor Fitzgerald began coverage on shares of Revance Therapeutics in a research note on Thursday, July 20th. They issued an overweight rating and a $50.00 price target for the company. Aegis reaffirmed a buy rating and issued a $36.00 price objective (up previously from $28.00) on shares of Revance Therapeutics in a report on Friday, May 19th. ValuEngine raised shares of Revance Therapeutics from a sell rating to a hold rating in a report on Friday, June 9th. Piper Jaffray Companies set a $28.00 price objective on shares of Revance Therapeutics and gave the stock a buy rating in a report on Wednesday, July 26th. Finally, BidaskClub downgraded shares of Revance Therapeutics from a buy rating to a hold rating in a report on Wednesday, July 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $35.00.
Revance Therapeutics (NASDAQ RVNC) traded down 1.28% during midday trading on Wednesday, hitting $23.15. 112,451 shares of the stock were exchanged. The stock’s market cap is $713.46 million. Revance Therapeutics has a 12-month low of $12.35 and a 12-month high of $28.30. The firm has a 50 day moving average of $23.99 and a 200-day moving average of $22.04.
Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.93) by $0.03. The company had revenue of $0.08 million for the quarter, compared to analyst estimates of $0.05 million. Revance Therapeutics had a negative net margin of 32,936.67% and a negative return on equity of 55.21%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.88) earnings per share. On average, equities analysts expect that Revance Therapeutics will post ($3.75) earnings per share for the current year.
In related news, CFO Lauren P. Silvernail sold 1,793 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.20, for a total value of $36,218.60. Following the completion of the sale, the chief financial officer now owns 36,566 shares of the company’s stock, valued at $738,633.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO L Daniel Browne sold 12,287 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $20.20, for a total transaction of $248,197.40. Following the completion of the sale, the chief executive officer now directly owns 183,932 shares of the company’s stock, valued at approximately $3,715,426.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,793 shares of company stock valued at $685,576. Corporate insiders own 18.86% of the company’s stock.
Large investors have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its stake in shares of Revance Therapeutics by 1.0% in the second quarter. Ameriprise Financial Inc. now owns 22,904 shares of the biopharmaceutical company’s stock valued at $604,000 after buying an additional 225 shares during the period. Legal & General Group Plc boosted its stake in shares of Revance Therapeutics by 8.1% in the second quarter. Legal & General Group Plc now owns 5,815 shares of the biopharmaceutical company’s stock valued at $152,000 after buying an additional 438 shares during the period. American International Group Inc. boosted its stake in shares of Revance Therapeutics by 7.1% in the first quarter. American International Group Inc. now owns 12,590 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 834 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Revance Therapeutics by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 18,304 shares of the biopharmaceutical company’s stock valued at $483,000 after buying an additional 1,275 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Revance Therapeutics by 5.9% in the first quarter. Parametric Portfolio Associates LLC now owns 27,401 shares of the biopharmaceutical company’s stock valued at $570,000 after buying an additional 1,524 shares during the period. Hedge funds and other institutional investors own 87.94% 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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