Revance Therapeutics, Inc. (RVNC) Cut 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 released 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. “
Several other brokerages have also recently issued reports on RVNC. BidaskClub raised shares of Revance Therapeutics from a hold rating to a buy rating in a research report on Thursday, July 6th. ValuEngine raised shares of Revance Therapeutics from a sell rating to a hold rating in a research report on Friday, June 9th. Aegis reissued a buy rating and set a $36.00 price target on shares of Revance Therapeutics in a research report on Thursday, June 8th. Piper Jaffray Companies set a $28.00 target price on shares of Revance Therapeutics and gave the company a buy rating in a report on Wednesday, July 26th. Finally, Cantor Fitzgerald assumed coverage on shares of Revance Therapeutics in a report on Thursday, July 20th. They issued an overweight rating and a $50.00 target price on the stock. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $34.80.
Shares of Revance Therapeutics (NASDAQ:RVNC) traded down 0.81% during midday trading on Friday, reaching $24.35. 149,692 shares of the company were exchanged. Revance Therapeutics has a 52 week low of $12.35 and a 52 week high of $28.30. The firm has a 50-day moving average of $23.27 and a 200 day moving average of $22.22. The firm’s market capitalization is $750.44 million.
Revance Therapeutics (NASDAQ:RVNC) last announced its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.93) by $0.03. The company had revenue of $0.08 million during 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%. Revance Therapeutics’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.88) earnings per share. On average, equities research analysts expect that Revance Therapeutics will post ($3.77) EPS for the current year.
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In related news, CEO L Daniel Browne sold 22,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $22.76, for a total value of $518,928.00. Following the sale, the chief executive officer now owns 178,850 shares of the company’s stock, valued at $4,070,626. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 18.86% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its holdings in Revance Therapeutics by 1.0% during the second quarter. Ameriprise Financial Inc. now owns 22,904 shares of the biopharmaceutical company’s stock worth $604,000 after purchasing an additional 225 shares in the last quarter. Legal & General Group Plc raised its holdings 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 worth $152,000 after purchasing an additional 438 shares in the last quarter. American International Group Inc. raised its holdings 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 worth $262,000 after purchasing an additional 834 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Revance Therapeutics by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 18,304 shares of the biopharmaceutical company’s stock worth $483,000 after purchasing an additional 1,275 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in Revance Therapeutics by 5.9% during the first quarter. Parametric Portfolio Associates LLC now owns 27,401 shares of the biopharmaceutical company’s stock worth $570,000 after purchasing an additional 1,524 shares in the last quarter. 89.32% of the stock is currently owned by institutional investors.
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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