Revance Therapeutics (NASDAQ:RVNC) Upgraded at Zacks Investment Research
Revance Therapeutics (NASDAQ:RVNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $24.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.42% from the company’s current price.
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 research firms also recently weighed in on RVNC. Mizuho restated a “buy” rating and issued a $34.00 price objective on shares of Revance Therapeutics in a report on Tuesday, November 5th. ValuEngine downgraded Revance Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub upgraded Revance Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Wells Fargo & Co upgraded Revance Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $12.50 to $20.00 in a report on Wednesday, October 30th. Finally, Goldman Sachs Group assumed coverage on Revance Therapeutics in a report on Monday, December 2nd. They issued a “buy” rating and a $25.00 price objective for the company. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $29.13.
Revance Therapeutics (NASDAQ:RVNC) last announced its quarterly earnings results on Monday, November 4th. The biopharmaceutical company reported ($0.96) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.96). The firm had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.40 million. As a group, sell-side analysts expect that Revance Therapeutics will post -3.64 earnings per share for the current year.
Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its holdings in Revance Therapeutics by 47.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,330,973 shares of the biopharmaceutical company’s stock worth $17,263,000 after acquiring an additional 428,900 shares during the period. State Street Corp lifted its position in Revance Therapeutics by 8.8% in the 3rd quarter. State Street Corp now owns 1,022,121 shares of the biopharmaceutical company’s stock valued at $13,288,000 after acquiring an additional 83,049 shares in the last quarter. Stifel Financial Corp lifted its position in Revance Therapeutics by 9.0% in the 3rd quarter. Stifel Financial Corp now owns 23,757 shares of the biopharmaceutical company’s stock valued at $312,000 after acquiring an additional 1,953 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its position in Revance Therapeutics by 41.1% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 16,138 shares of the biopharmaceutical company’s stock valued at $210,000 after acquiring an additional 4,702 shares in the last quarter. Finally, Sio Capital Management LLC lifted its position in Revance Therapeutics by 58.6% in the 2nd quarter. Sio Capital Management LLC now owns 403,664 shares of the biopharmaceutical company’s stock valued at $5,236,000 after acquiring an additional 149,083 shares in the last quarter. Hedge funds and other institutional investors own 94.52% of the company’s stock.
Revance Therapeutics Company Profile
Revance Therapeutics, Inc, a clinical-stage biotechnology company, engages in the development, manufacture, and commercialization of novel neuromodulators for various aesthetic and therapeutic indications. The company's lead drug candidate is DaxibotulinumtoxinA for injection (DAXI), which is in phase III clinical trials to treat glabellar (frown) lines and cervical dystonia; and in phase II clinical trials for the treatment of plantar fasciitis, adult upper limb spasticity, and chronic migraine.
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